France's Danone completes sale of Russian assets to Vamin

MOSCOW. May 20 (Interfax) - French food multinational Danone, which secured permission from Russian regulators to sell its business in Russia in March, closed the deal with Vamin R on Friday, the company said in a press release.

Danone did not disclose other details of the deal.

Danone began the process of transferring its Russian business in October 2022, and has reported a total loss of 1.2 billion euros on it.

Vamin R LLC was registered on September 25, 2023. It is 99% owned by Vamin Tatarstan and 1% by Ruslan Alisultanov. The beneficiary is Mintimer Mingazov.

President Vladimir Putin signed a decree in mid-March cancelling the transfer of JSC Danone Russia and JSC Danone Trade to the temporary management of the Federal Property Agency. These Russian subsidiaries of the French company were renamed H&N and H&N Trade, respectively, after they were put under state management in July 2023.