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Danone and Unimilk join complementary strengths to found a high-profile dairy leader in Russia and the CIS
21.06.2010 11:19 "Agro Perspectiva" (Kyiv) —
Danone and Unimilk today announced the signature of an agreement to merge Danone’s Fresh Dairy Product businesses in the CIS area with those of Russian company Unimilk.
Spanning operations in Russia, Ukraine, Kazakhstan and Belarus, the merger covers all dairy products. It will make Danone- Unimilk the leader for dairy products in the CIS area as a whole, and particularly in Russia, where it will account for around 21% of the total market and hold strong positions in high-value, high-growth segments.
The new entity will generate annual sales of approximately ?1.5 billion* and count over 18,000 employees. It will be chaired by Andrey Beskhmelnitsky, current CEO of Unimilk, while Filip Kegels, current General Manager of Danone Fresh Dairy Products in Eastern Europe and Central Asia, will take charge of operational management.
Danone-Unimilk will draw strength from the tie-up between two fast-growing and highly complementary businesses offering: A complementary geographical presence, with Danone operating mainly in western Russia, while Unimilk has a higher profile to the east; Complementary product ranges: Danone’s strength in the value-added health segment will round out Unimilk’s strong positions and powerful brands in core markets; Complementary distribution networks: Danone’s access to modern trade will be matched by Unimilk’s strength in proximity distribution; Complementary strengths in production, with Danone contributing expertise built up as the global expert in making dairy products since 1919, while Unimilk covers the whole of Russia, Ukraine and Belarus with 28 production sites.
These complementary features will give the new entity the benefit of significant sales and cost synergies. They will also position Danone- Unimilk extremely well to take advantage of strong growth momentum in the regions dairy product market, and to accelerate it in the years ahead.
Danone will control 57.5% interest in the new entity, while the current shareholders of Unimilk will hold 42.5%. The transaction will be carried out principally through a contribution of assets, supplemented with a cash purchase of shares by Danone. Danone’s net financial debt will increase by ?1.3 billion principally as the result of the value of the put options which will be granted to the current shareholders of Unimilk. These options will allow them to dispose part or all of their shares in the new entity, Danone being able to hold 100% of these shares in 2022. The operation will be accretive to Danone earnings per share starting in 2011.
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