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☆ Danone CEO downplays threat of weight loss drugs on food producers: 'We see ourselves as extremely complementary'
▼ + stars: | 2024-04-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Bloomberg | Getty ImagesThe CEO of French consumer goods giant Danone downplayed the threat of obesity drugs on its food business, arguing that consumers were likely to turn to healthy products as part of their new weight loss regime. Antoine de Saint-Affrique said that surging demand for drugs like Wegovy and Mounjaro would only increase consumer appetite for more nutritional products. "We see ourselves as extremely complementary to GLP-1s," de Saint-Affrique told CNBC's Charlotte Reed Wednesday. GLP-1s, or glucagon-like peptide 1 agonists, are the underlying class of drugs in weight loss injections such as Wegovy and Mounjaro. watch nowThe rapid rise of such drugs has prompted concern among food makers, who fear falling sales as consumer appetite wanes.

Persons: Antoine de Saint, Affrique, Mounjaro, CNBC's Charlotte Reed, de, Kepler Cheuvreux Organizations: Danone SA, Bloomberg, Getty, Danone, Novo Nordisk

MOSCOW, Dec 1 (Reuters) - President Vladimir Putin has signed a decree putting St Petersburg's Pulkovo Airport under the temporary management of a Russian company, wresting control from investors from Germany, Qatar and other Gulf states. The airport's management company has 14 co-owners. The rights of foreign shareholders will pass to two different Russian entities. Russian shareholders will retain their rights. The decree stated that airport's foreign shareholders would be able to restore their rights to stakes in the new company if they apply and conclude corporate agreements that comply with Russian laws on foreign investment.

Persons: Vladimir Putin, Fraport, VTB, Ramzan Kadyrov, Taimuraz, Carlsberg's, Gleb Stolyarov, Alexander Marrow, Ilona Wissenbach, Gareth Jones, Kirsten Donovan Organizations: Petersburg's Pulkovo, Qatar Investment Authority, Russian Direct Investment Fund, Baring, Baltika Breweries, Reuters, Thomson Locations: MOSCOW, Russian, Germany, Qatar, St Petersburg, Abu Dhabi, Russia, Ukraine, Moscow

☆ Carlsberg would rather lose its Russian business than negotiate a deal with Moscow, and it shows how hard it is for companies to exit the market
▼ + stars: | 2023-11-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The CEO of Danish brewer Carlsberg says Moscow has "stolen" its business in Russia. Moscow seized Carlsberg's assets in July, weeks after the brewer announced it had found a buyer for its Russian business. Carlsberg said it's cutting ties with its Russian business as it can't find an acceptable solution to resolve the issue. AdvertisementAdvertisementDanish brewer Carlsberg operates eight breweries and employs more than 8,000 people through its Russian unit, Baltika Breweries. However, on July 16, Russia seized Baltika.

Persons: Carlsberg, Moscow, —, Jacob Aarup, Andersen, Dmitry Medvedev, Medvedev, they'd, Baltika, Carlsberg's Organizations: Service, Carlsberg, Baltika Breweries, Carlsberg Group, Financial Times, Russian, Unilever Locations: Moscow, Russia, Carlsberg, Ukraine, British

☆ French food group Danone raises sales goal as Q3 beats forecasts
▼ + stars: | 2023-10-26 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

Dairy products of French food group Danone are seen in a supermarket in Nice, France, January 9, 2023. REUTERS/Eric Gaillard/File photo Acquire Licensing RightsPARIS, Oct 26 (Reuters) - French food group Danone (DANO.PA) raised its 2023 revenue growth forecast after its third-quarter sales beat analysts' estimates, as higher prices helped offset lower volumes. Overall, Danone increased its prices by 6.6% during the quarter while sales volume declined 0.3%, a sequential improvement led by Essential Dairy and Plant-based. Danone, like its rivals Nestle (NESN.S) and Unilever (ULVR.L), has increased prices to cope with higher commodities and supply chain costs. Last week, Nestle (NESN.S) posted lower-than-expected nine-month sales growth as higher product prices made shoppers balk.

Persons: Eric Gaillard, Antoine de Saint, Affrique, Dominique Vidalon, Sudip Kar, Gupta, Jacqueline Wong Organizations: Danone, REUTERS, Rights, Evian, Essential Dairy, Nestle, Unilever, Investors, Thomson Locations: Nice, France, Europe

☆ Russian court grants unspecified 'interim measures' as Baltika sues Carlsberg
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Barrels are seen at the museum of the Baltika brewery in St. Petersburg, October 12, 2014. REUTERS/Alexander Demianchuk/File Photo Acquire Licensing RightsMOSCOW, Oct 20 (Reuters) - A court in St Petersburg has imposed unspecified "interim measures" against Carlsberg (CARLb.CO) in favour of Baltika Breweries, court filings showed, after the Danish brewer stopped licensing its brands in Russia this month. The court filings provided no information other than that interim measures had been granted in a lawsuit filed on Oct. 17 by Baltika against Carlsberg. In another lawsuit filed on Sept. 25, before Carlsberg terminated the licence agreements, Baltika had asked a Russian court to prohibit Carlsberg from initiating legal proceedings in Denmark, citing the risk that Carlsberg could seek to remove Baltika's right to use certain trademarks. The court did not grant interim measures, but a hearing in that case is scheduled for Nov. 15.

Persons: Alexander Demianchuk, Vladimir Putin, Baltika, Alexander Marrow, Kevin Liffey Organizations: REUTERS, Rights, Carlsberg, Baltika Breweries, Carlsberg Group, Baltika, Reuters, Thomson Locations: St . Petersburg, St Petersburg, Danish, Russia, Russian, Ukraine, Denmark

☆ This highly profitable industry is booming as the population ages
▼ + stars: | 2023-10-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +10 min

Enteral nutrition is administered through a feeding tube or it can be taken orally. Fresenius owns 32% of Fresenius Medical Center, which saw shares drop on recent news that Ozempic's kidney disease treatment trial showed signs of success. Clinical nutrition is about 20% of group profits and an important subset of its larger specialized nutrition unit, Ackerman said. "Many investors only focus only on their infant formula unit and don't know how big or how profitable clinical nutrition is," he said. "Clinical nutrition is the jewel in Danone's crown and probably the most attractive part of Danone's portfolio, yet is hidden from investors."

Persons: Stefano Natella, — hasn't, Hassan Al, Wakeel, Warren Ackerman, Ackerman, Lindsay Clarke, Enteral, Danone's Nutrison, —, Baxter, Abbott, Sara Hennicken, Fresenius, Nestlé, Mark Schneider, Nestle, — CNBC's Michael Bloom Organizations: Guggenheim, World Health Organization, WHO, Barclays, Danone, Fresenius, Al, Alliance for Aging Research, Aging, CNBC, Nestle, Companies, — Nestle, Nutrition, Fresenius Medical Locations: German, Paris, China, Swiss, United States, parenteral, Latin America

Reuters GraphicsReuters spoke to four shareholders that have launched activist campaigns who said that some big consumer goods companies are ripe for executive changes after failing to impress. Reuters GraphicsMany large consumer goods companies generally hold low levels of debt and are cash generative, said André Medeiros, managing director and Alvarez & Marsal's EMEA consumer and retail leader. 'ADVOCATING FOR MANAGEMENT CHANGE'Gianluca Ferrari, founding partner of investor Clearway Capital, said his firm had some consumer companies on its radar but declined to name them. He did not identify specific executives nor disclose the nature of his work with consumer companies. In October, Reuters reported that Peltz had approached former CEOs of consumer goods companies as candidates for the Unilever top job.

Persons: Danone's, Emmanuel Faber, David Samra, Samra, Alvarez, Marsal, André Medeiros, Nelson Peltz, Artisan's Samra, We're, Peltz, Heinz, Gianluca Ferrari, Ferrari, Clearway, Glanbia, Faber, Bluebell, Nicolas Ceron, Ceron, underperformance, Kraft Heinz, KHC.O, Andrew Hayes, Russell Reynolds, John Long, Korn, Long, Alan Jope departure's, Unilever's, Graeme Pitkethly, Hein Schumacher, Heinz's, Bill Johnson, Nelson, Richa Naidu, Matt Scuffham, Daniel Flynn Organizations: Artisan Partners, Reuters, Danone, Evian, Unilever, Consumer Products, Reuters Graphics Reuters, Reuters Graphics, Marsal's EMEA, Billionaire, Artisan, Cadbury Schweppes, Heinz, Trian, Bluebell Capital, shareholders, Bluebell, Diageo, Russell Reynolds Associates, Thomson Locations: York, H.J, Frankfurt, Western Europe, North America

☆ For Western firms, the risk of leaving Russia could be higher than staying
▼ + stars: | 2023-09-11 | by ( Greg Kennedy | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesA wave of Western companies exited Russia promptly after Moscow's invasion of Ukraine. For firms wishing to quit, amid heavy reputational and financial damage, the prospect of leaving is becoming harder with time. Nabi Abdullaev, a partner at Control Risks and former editor of the Moscow Times, told CNBC: "Some companies decide to stay because the risk of leaving Russia, at this moment at least, is higher than the risk of staying." Western companies that remain in the country are able to continue doing business because, despite sanctions, numerous transactions and activities are still authorized. In comparison, sanctions on Iran and North Korea are a far more severe environment for Western companies to operate within.

Persons: Nabi Abdullaev, Abdullaev, Vladimir Putin, Maria Shagina, Philip Morris, Heineken, Shagina Organizations: Bloomberg, Getty, Moscow Times, CNBC, Companies, Carlsberg, Danone, International Institute for Strategic Studies, Unilever, Nestle, PepsiCo, Research, Heineken, Russian Arnest, Kyiv School of Economics Locations: Moskva, Moscow, Russia, Ukraine, Russian, UniCredit, Raiffeisen, Ukrainian, Iran, North Korea

The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Moscow already demands a 50% discount on all foreign deals after consultants selected by the Russian government have valued the business. But three people familiar with the exit process for foreign companies said that some deals are facing demands for additional discounts before the government gives a green light. Another person, who works on M&A transactions and with foreign companies, said deals exceeding $100 million were at particular risk of being denied. In its biannual financial stability review, the central bank said foreign companies under pressure to leave Russia were doing so on "unfavourable" terms.

Persons: Evgenia, Carlsberg's, Intesa, Vladimir Putin's, Suren Gortsunyan, Rybalkin, Gortsunyan, Alexey Kupriyanov, Elena Fabrichnaya, Alexander Marrow, Victor Goury, Josephine Mason, Jane Merriman Organizations: REUTERS, Reuters, Heineken, Arnest, Companies, Nasdaq, Russia, Dyakin, Partners, Aspring, Nato, Thomson Locations: Moscow, Russia, Ukraine, MOSCOW, Russian, London, Laffont, Gdansk

☆ Heineken exits Russia with one-euro sale of operations
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Piroschka van de Wouw/File Photo Acquire Licensing RightsBRUSSELS, Aug 25 (Reuters) - Dutch brewer Heineken (HEIN.AS) said on Friday it had completed its exit from Russia by selling its operations there to Russia's Arnest Group for a symbolic one euro. Heineken announced its intention to exit Russia in March 2022, after Russia's invasion of Ukraine, acknowledging that the process had taken longer than expected. Many multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow, but the Kremlin has retaliated by seizing some assets. Heineken had seven breweries in Russia and 1,800 employees, who will receive employment guarantees for the next three years. The Dutch brewer removed its Heineken brand from Russia last year and production of Amstel is to be phased out within six months.

Persons: de, Dolf van den Brink, Vladimir Putin, Turkey's, Heineken, Philip Blenkinsop, Jane Merriman Organizations: Heineken, REUTERS, Rights, Arnest, Kremlin, Anheuser, Busch InBev, Arnest Group, Thomson Locations: Nijmegen, Netherlands, Dutch, Russia, Ukraine, Moscow, Russian, Amstel

[1/2] The logo of Russian technology giant Yandex is on display at the company's headquarters in Moscow, Russia December 9, 2022. Maksut Shadaev, the head of Russia's ministry of digital affairs, told parliament in December that around 100,000 IT specialists had left Russia in 2022. It is not yet clear whether Volozh's comments may have any bearing on how Russia decides to proceed with the company. One of the sources said "hawks" in state companies believed nothing at all should be paid to foreigners. Two sources said VTB had never been a serious option as a buyer, given sanctions on the state lender.

Persons: Yandex, Maksut Shadaev, Ramzan Kadyrov, Arkady Volozh, Andrei Kostin, VTB, Alexei Kudrin, Alexander Marrow, Polina Devitt, Mike Collett, White, Susan Fenton Organizations: REUTERS, nationalising Nasdaq, Reuters, Yandex NV, Yandex, U.S, Kremlin, Thomson Locations: Moscow, Russia, nationalising, Ukraine, Serbia, Yandex

☆ Europe's biggest companies reported a combined €100 billion loss from leaving Russia, report says
▼ + stars: | 2023-08-07 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Since the invasion of Ukraine last year, companies have been scrambling to cut ties with Russia. An FT survey found that companies lost €100 billion attempting to leave the state. European companies have lost more than €100 billion in Russia since its invasion of Ukraine, according to the Financial Times. If energy and utilities were excluded from the survey, the largest writedowns come from Germany's chemical and automotive industries. In December 2022, Russia started forcing those companies selling their assets to dispose of them at a 50% discount, leading to a scramble among domestic businessmen for bargain-bin assets.

Persons: Putin, TotalEnergies –, Yale, Nabi Abdullaev, Vladimir Putin Organizations: Kremlin, Morning, Financial, BP, Shell, Danone Locations: Ukraine, Russia, Danone's

☆ Factbox: Moscow takes control over assets of Western companies
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

July 27 (Reuters) - President Vladimir Putin has signed decrees to take temporary control of assets belonging to some Western companies in Russia, in retaliation against foreign moves against Russian companies abroad, and warned in April the Kremlin could seize more. CARLSBERG (CARLb.CO)The Russian state took control of Danish beer company Carlsberg's stake in local brewer Baltika Breweries on July 16, putting it under "temporary management" of government property agency Rosimushchestvo, according to a decree signed by Putin. DANONE (DANO.PA)The Russian state took control of the French yoghurt maker Danone's Russian subsidiary Danone Russia on July 16, according to a decree signed by Putin, and brought it under temporary control of the government property agency. FORTUM (FORTUM.HE)On April 25, Putin signed a decree that established control over the Russian subsidiary of the Finnish utility company Fortum, which operates power plants in Russia. Compiled by Agata Rybska, Greta Rosen Fondahn; Editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Vladimir Putin, Putin, Agata Rybska, Greta Rosen Fondahn, Nick Macfie Organizations: CARLSBERG, Baltika Breweries, Putin, DANONE, Danone Russia, Unipro, Thomson Locations: Russia, Russian, Finnish

LONDON, July 27 (Reuters) - Nestle (NESN.S) improved its full-year organic sales outlook and reported better-than-expected first-half organic sales, as the world's biggest packaged food company again raised prices to cope with higher input costs. Nestle said it is narrowing its full-year organic sales growth guidance - which does not include the impact of currency movements and acquisitions - to a range of 7%-8% from a range of 6-8%. Real internal growth - or sales volumes - fell 0.8% versus expectations of a 0.6% decline. "We're still repairing our gross margin," he added. Reckitt reported sales volumes for the second quarter were down 4.3%, Unilever's quarterly volumes were down 0.3% and Danone's second-quarter volume/mix declined 2.3%.

Persons: Nestle, Mark Schneider, Schneider, Jean, Philippe Bertschy, Reckitt, Richa Naidu, Kim Coghill, Sharon Singleton Organizations: Nestle, Unilever, Thomson Locations: Swiss, Ukraine

This brings the total impairments related to Russia to almost 700 million euros, Danone said. The adjustment on the balance sheet of 500 million euros to reflect the negative currency transaction difference will also be recognized by Dec. 31, it added. Danone also reported a better-than-expected rise in quarterly like-for-like sales, as it increased prices again to make up for rising costs. Like-for-like sales rose 6.4% in the second quarter, beating expectations for 5.6% growth in a company-compiled consensus of 18 analysts. ($1 = 0.9047 euros)Reporting by Richa Naidu; Editing by Edmund Klamann, Muralikumar Anantharaman and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Danone, Richa Naidu, Edmund Klamann, Muralikumar Anantharaman, Conor Humphries Organizations: France's Danone, Danone, Evian, Nestle, Thomson Locations: Russia, Russian, Ukraine

Moscow's actions highlight the vulnerability of other consumer products companies that still have operations in Russia, some of which have announced plans to leave. "The second option is to sell the business, but the reality is, we have not found a viable solution that meets our stated objectives." The company, which owns the Knorr soup and Dove soap brands, employs over 3,000 people in Russia. In March 2022 Unilever became the first major European food company to stop imports into and exports out of Russia after the country's invasion of Ukraine. Former CEO Alan Jope said at the time "volumes in our Russian business are down significantly, by double digits".

Persons: Hein Schumacher, Schumacher, Knorr, Alan Jope, Richa Naidu, Jason Neely Organizations: Unilever, Danone, Carlsberg, Thomson Locations: Russia, Russian, Ukraine

According to a decree signed by Putin on Sunday, the Russian state had taken control of Danone's Russian subsidiary along with beer company Carlsberg's (CARLb.CO) stake in a brewer. Yakub Zakriev, 32, a deputy prime minister of Chechnya and the republic's agriculture minister, took the post of general director of Danone Russia on Tuesday, Interfax's SPARK database of company disclosure documents in Russia showed. "Choosing him as general director of Danone Russia shows that representatives of the team of Chechen President and Hero of Russia Ramzan Akhmatovich Kadyrov are talented and successful managers," Dudayev said on his Telegram messaging app. Kadyrov, a close ally of Putin, has referred on social media to Zakriev as his "dear nephew". Danone sought alliances with big local players during the boom years, eventually gaining at least a fifth of Russia's dairy market.

Persons: Kadyrov, Danone Russia Kovalchuk, Carlsberg, Ramzan Kadyrov, Vladimir Putin, Putin, Yakub Zakriev, Akhmed Dudayev, of Russia Ramzan Akhmatovich Kadyrov, Dudayev, Zakriev, Zulai, Akhmad Kadyrov, Kadyrov's, Danone, Yuri, Mikhail Kovalchuk, Bolloev, Guy Faulconbridge, Lidia Kelly, Shubhendu, Stephen Coates, Angus MacSwan Organizations: Danone Russia, Danone, Kremlin, Sunday, Chechen, Moscow State University, Cuban Missile, Soviet, Financial Times, Shubhendu Deshmukh, Thomson Locations: MOSCOW, Russia, Ukraine, Russian, Chechnya, Grozny, Paris, Red, Soviet Union, United States, China, Baltika, St Petersburg, Moscow, Melbourne, Bengaluru

☆ Moscow takes control of Russian subsidiary of Danone and Carlsberg's stake in brewer
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 16 (Reuters) - The Russian state has taken control of French yoghurt maker Danone's (DANO.PA) Russian subsidiary along with beer company Carlsberg's (CARLb.CO) stake in a local brewer, according to a decree signed by President Vladimir Putin on Sunday. The decree said that foreign-owned stakes in Danone Russia and Baltika Breweries were being put under the "temporary management" of government property agency Rosimushchestvo. The move comes after the Russian subsidiaries of Germany's Uniper (UN01.DE) and Finland's Fortum (FORTUM.HE) were taken under state control in April. The decree published on Sunday also said that Danish brewer Carlsberg's stake in Russian-based Baltika Breweries had been put under state management. Carlsberg said in June it had signed an agreement to sell its Russian business, subject to regulatory approvals.

Persons: Vladimir Putin, Finland's, Danone, Carlsberg's, Carlsberg, Caleb Davis, Darya, Andrew Osborn Organizations: Sunday, Danone Russia, Baltika Breweries, Danone, Carlsberg, Thomson Locations: MOSCOW, Russian, Russia

☆ Danone raises sales outlook as shoppers absorb price hikes
▼ + stars: | 2023-04-26 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

PARIS, April 26 (Reuters) - Danone (DANO.PA), the world's largest yoghurt-maker, raised its 2023 outlook on Wednesday after it managed to pass on increased costs through price rises and first-quarter sales growth was the fastest in a decade. Danone, which expects prices to peak this year and also anticipates productivity gains, kept its forecast for a moderate improvement in recurring operating margin for the year. The maker of Activia yoghurt, Evian water and Aptamil infant milk said it expected like-for-like 2023 sales growth of between 4% and 6%, having previously forecast 3%-5% growth. Danone increased its prices by 10.3% during the quarter while sales volume remained positive, up 0.2%. In China, Infant Nutrition, and also Adult and Pediatric Specialties made a particularly strong start to the year with double-digit growth.

☆ 'A hidden gem': Barclays names 3 stocks to buy in an overlooked area of health care
▼ + stars: | 2023-04-14 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

There's a global investing opportunity in a corner of health care that is both "significant and underappreciated," according to Barclays. For Nestle, that shift is also a catalyst for more growth in China as the market expands, the bank said. "We view it as a 'hidden jewel' where we expect increased investment from the new management team," Barclays said. German health care company Fresenius is also a "clear beneficiary" of the shift toward enteral nutrition, as it's set to leverage its leadership position in China in that area, the bank said. It also has a strong position in enteral in the region, positioning it to benefit from the high potential for growth."

☆ How food giant Danone plans to cut planet-warming methane emissions by 30% this decade
▼ + stars: | 2023-01-19 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Danone aims to cut methane emissions across the farms supplying its milk by 30% this decade. Farming accounts for 40% of man-made methane emissions globally. Danone this week promised to cut methane emissions across the farms supplying its milk by 30% by the end of the decade. Cow burps, manure pits, and fertilizers make agriculture the top source, accounting for 40% of man-made methane emissions, the study found. As of December, the US Department of Agriculture had invested more than $3 billion in what it calls climate-smart projects, including for Danone dairy farmers.

☆ Meet the small hedge fund that thinks it can oust Larry Fink from BlackRock
▼ + stars: | 2022-12-08 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +6 min

The fund has a tiny stake in BlackRock and is calling for the firm to replace Larry Fink as CEO. On one side stands a small, relatively unknown activist hedge fund with a tiny stake in a giant company. 1, the young hedge fund run by a longtime activist investor, and ExxonMobil. Joining a wave of heavy scrutiny of BlackRock and Fink over ESG, Bluebell accused BlackRock of a hypocritical posture toward sustainable investing, according to the letter, which was viewed by Insider. Bloomberg News ran the headline: "Tiny Activist Bluebell Quickly Becomes CEOs' Worst Nightmare."

☆ Abbott is recalling baby formula again after discovering faulty bottle caps on Similac products produced at Ohio facility
▼ + stars: | 2022-10-15 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

Abbott is recalling Similac baby formula products due to faulty bottle caps that may cause spoilage. The announcement comes after Abbott's February formula recall that prompted a national crisis. The company issued a voluntary recall on Friday for several Similac ready-to-feed liquid products produced at its Columbus, Ohio facility. The announcement comes after Abbott recalled baby formula products in February when strains of a potentially deadly bacterial virus were found at a manufacturing plant in Sturgis, Michigan. The recall led to a widespread shortage of baby formula, from which many retailers are still struggling to recover.

☆ Danone to withdraw from Russia with €1 bln write-off
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

French food group Danone logo is seen at the company headquarters in Rueil-Malmaison near Paris, France, February 20, 2022. REUTERS/Gonzalo FuentesPARIS, Oct 14 (Reuters) - French food company Danone (DANO.PA) said on Friday it would shed its dairy food business in Russia in a deal that could lead to a write-off of up to 1 billion euro ($978 million), the latest costly exit from the country by a global company. "This is the best option to ensure long-term local business continuity", Danone said in a statement, adding the Russian unit accounted for roughly 5% of the group's net sales in the first nine months of the year. Shortly after Russia's invasion of Ukraine in February, Danone had said that all options regarding its local business were on the table. read more($1 = 1.0224 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Tassilo Hummel; Editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

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