France's Groupe Danone SA's 2007
net income soared 309%, from 1.4 billion euros ($2 billion) in 2006 to 4.2 billion euros. This came from a whirlwind month in July, where Danone sold its cookies and cereals business to Kraft Foods Inc. for 5.3 billion euros. That deal, from which they posted a 3.1 billion euros gain, closed in November. Also in July, Danone bought Dutch nutrition and baby food maker Royal Numico NV for about 12.3 billion euros. That offer, where chairman and CEO Franck Riboud touts a smooth integration, was declared unconditional on Nov. 30, and Danone now owns 98.9% of Numico.
As far as their
JV troubles in China go, on Dec. 21 Danone and partner Hangzhou Wahaha Group decided to resolve trademark disputes and
jointly announced that they would "temporarily suspend all lawsuits and arbitrations, stop all aggressive and hostile statements and
create a friendly environment for peace talks." Nothing official has been announced since then. A couple weeks ago, Danone announced a new initiative in China, teaming up with New York's Weight Watchers International Inc. to establish a to weight management business there. Danone owns 49% of that.
Along with releasing their financial results Thursday, Danone announced that Antoine Giscard d'Estaing, executive vice president for finance, strategy and information systems,
is leaving to pursue other opportunities. He was one of the engineers of the biscuits sale and Numico buy. Pierre-Andre Terisse, currently CFO of Altadis Group, will join Danone effective
March 1 as chief finance officer. -
Baz HiralalGo to the story from the AP
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