SHANGHAI, September 30 - Food giant Danone and China’s largest soft drink maker Wahaha put an amicable end to their long-standing feud Wednesday, with the French firm selling its full 51 percent stake in their joint ventures.
The deal between the companies, which together ran 39 joint ventures, is still subject to the approval of Chinese authorities but has the “support” of the governments in Paris and Beijing, the companies said in a joint statement.
“The completion of this settlement will put an end to all legal proceedings related to the disputes between the two parties,” they said.
The statement did not give any financial details of the deal, and Wahaha spokesman Shan Qining declined to release any figures.