The French food company said the majority of the proceeds will be returned to shareholders through a share buyback program whose details will be disclosed upon initiation.
The sale was launched on Wednesday via an accelerated bookbuilding process after Danone converted its indirect stake in Mengniu into a direct holding earlier this year.
The transaction settlement is set to take place on May 17.
Demand for dairy protein is running strong in the U.S. and around the world, and that provides opportunities — and challenges — for the U.S. dairy sector, according to CoBank’s outlook report for the year ahead.
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