Danone Plans to Sell Russian Business to Chechnya-Linked Businessman, FT Reports
-- Danone plans to sell its Russian operations to a member of its Kremlin-installed management after the Russian government appointed the nephew of Chechen leader Ramzan Kadyrov as head of the company's business in the country, the FT reports citing documents and people familiar with the situation.
-- The French food giant is looking to sell the business to a newly created firm owned by Russian dairy company Vamin Tatarstan for 17.7 billion rubles ($194.7 million). Ayrat Mukhamadeev, the director of the newly created company, said it had agreed to pay the sum in a letter sent to Russian agriculture minister Dmitry Patrushev seen by the FT.
-- Danone declined to comment. Vamin Tatarstan didn't respond to a request for comment.
Full story: https://shorturl.at/ekCIU
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
February 22, 2024 04:00 ET (09:00 GMT)
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