HONG KONG, May 20 (Reuters) - China Mengniu Dairy Co Ltd said on Monday substantial shareholder Farwill Ltd would transfer an 8.3 percent stake in the company to a joint venture involving Danone Group, in a deal worth HK$3.6 billion ($463.74 million).
In a filing to the Hong Kong bourse, the Chinese dairy products maker said Farwill, a unit of COFCO Corp, would transfer 148.01 million Mengniu shares to a joint venture 51 percent owned by COFCO and 49 percent by French company Danone. It did not say how much the deal was worth.
Chinese state-owned food enterprise COFCO would remain Mengniu's single largest shareholder with 27.83 percent after the transaction was completed. The Chinese dairy company gave no further details.
Shares of Mengniu last closed at HK$24.50 per share.
For statement click http://www.hkexnews.hk/listedco/listconews/sehk/2013/0520/LTN20130520003.pdf
China Mengniu also said it would set up an 80 percent owned joint venture with Danone for investing and developing a chilled yoghurt product portfolio in China, Hong Kong and Macau.
For statement click http://www.hkexnews.hk/listedco/listconews/sehk/2013/0520/LTN20130520007.pdf
Earlier this month, China Mengniu said it planned to buy 26.92 percent of China Modern Dairy Holdings Ltd for HK$3.18 billion to secure a stable, long-term premium milk supply. ($1 = 7.7629 Hong Kong dollars)
(Reporting by Donny Kwok; Editing by Stephen Coates) Keywords: CHINAMENGNIU DANONE
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