The well-known French dairy and food manufacturer Danone has completed the sale of its business in Russia to Vamin R. This was reported by UNIAN.

In March, Danone received permission from the Russian regulatory authorities to conduct the transaction. In a press release dated March 22, 2024, the company announced that all necessary permits had been obtained, which allowed the deal to be completed.

"Following the press release of March 22, 2024, in which Danone announced that it had received the necessary approvals from Russian regulators to sell its EDP business in Russia to Vamin R LLC, Danone announces today the completion of this transaction," the statement said.

The Russian edition of RBC reminds that Danone began the process of transferring its business in Russia in October 2022. Initially, the company did not plan to leave the Russian market. In July 2023, the stakes of foreign companies in Danone's Russian subsidiary came under the temporary management of the Russian property management agency.

At the end of July 2023, Danone announced that it had written off its Russian business from its balance sheet. The company suffered losses of approximately €200 million, and non-cash costs associated with the conversion of the ruble to the euro were estimated at another €500 million.

In March 2024, Russian President Vladimir Putin canceled the decision to transfer foreign investors' stakes in Danone's Russian business to a Russian agency. The Kremlin explained this decision as "expedient".

Completing the sale of the business is an important step for Danone, which allows the company to focus on other markets where it continues to develop its operations. At the same time, the situation on the Russian market remains challenging for foreign companies.