Wahaha to push exit, says report
Posted on May-26-2008· by china investor
BEIJING, May 25 — Hangzhou Wahaha Group will take over its joint venture with Groupe Danone SA and negotiate a price for the French company’s exit, the South China Morning Post reported, citing Chairman Zong Qinghou.
Danone is seeking between 800 million euros and 1.7 billion euros (US$2.7 billion) to quit the venture, a price Zong called “too high and unreasonable,” according to the report.
The Chinese company’s head declined to put a value on Danone’s exit or say when he expects negotiations to end. Danone may sever links with Wahaha amid a trademark dispute, the Les Echos newspaper wrote on May 22.
Zong was unavailable and the company declined to comment any further.
(Source: Shanghai Daily)
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