CHINA> Focus
Danone settles dispute with Wahaha
(Xinhua)
Updated: 2009-09-30 19:22
Hangzhou: Chinese drink making giant Wahaha Group announced Wednesday that it had reached an "amicable settlement" with Danone, a Paris-based food and beverage producer.
 

Danone settles dispute with Wahaha
A bottle of water, one of the Hangzhou-based Wahaha Group products, is seen in this undated photo with a Danone product. [File photo: cnsphoto] 
 
The solution is still subject to approval of the Chinese government, said a spokesman for Wahaha Group Wednesday.

Danone also announced its settlement with the Chinese company at its website on the same day.

Related readings:
Danone settles dispute with Wahaha World’s largest yogurt maker sells its stakes to China's Wahaha
Danone settles dispute with Wahaha Drink maker Wahaha reaches amicable settlement with Danone
Danone settles dispute with Wahaha Danone's legal pursuit of Wahaha a sign of the times
Danone settles dispute with Wahaha Wahaha's legal victory signals end of disputes
Danone settles dispute with WahahaDanone, Wahaha spar in US court
According to a press release posted at Danone's website, Danone and Wahaha will conclude their existing joint venture relationship. The French company has agreed to sell its 51 percent stake in the Danone-Wahaha joint ventures to Chinese partners.

All legal proceedings related to the disputes between the two partners will be ended if this agreement is executed, said the press release.

"The collaboration between Danone and Wahaha helped to build a strong and respected leader in the Chinese beverage industry. We are confident that Wahaha will continue to be highly successful under its future management guidance," said Frank Riboud, CEO and Chairman of Danone,"Danone has a longstanding commitment to China where it has been present since 1987 and we are keen to accelerate the success of our Chinese activities."