PARIS, Jan. 18, 2002 (PRIMEZONE) -- Groupe DANONE (NYSE:DA) announced today that it has received acceptances in excess of 90% under its takeover offer for New Zealand company Frucor Beverages. The offer has, as a result, become unconditional and Groupe DANONE will proceed with the compulsory acquisition of the remaining shares and the de-listing of the company.
This operation, made at the initial price of 2,35 NZD per share, leads to a total value close to Euro 140 million for 100% of Frucor.
Frucor, a key player in the New Zealand beverage market, is well known for its capacity to innovate and is also the market leader in Australia in the fast growing energy drink segment with its "V" brand. The Company's revenues for the year ended June 30, 2001 amounted to close to Euro 105 million with a compounded annual growth rate in excess of 40% over the last three years.
As part of its strategy to develop its presence in the "health drinks" segment, Groupe DANONE will be looking to accelerate the development of Frucor in the Asia Pacific region in the high growth energy drink segment. To achieve this objective, Groupe DANONE will be able to leverage on its powerful distribution networks and its leading positions in the packaged water segment in China and Indonesia, which make the Group the undisputed market leader of the category in Asia Pacific.