November 29, 2022

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Danone Says ‘All Options on the Table’ on Russia Business | Investing News

PARIS (Reuters) -French food items team Danone stated on Tuesday that “all selections are on the table” about its company in Russia and that there was no determination at this phase to exit the nation.

This was after a supply close to the issue claimed Danone was seeking at doable means of withdrawing from Russia, as the West ready new sanctions on Moscow soon after useless civilians have been discovered lining the streets of a Ukrainian town seized from Russian invaders.

The resource had added no choice experienced however been taken.

“The place of Danone regarding its small business in Russia has not changed. All possibilities are on the table and the group is monitoring the situation in shut cooperation with the French authorities,” a group spokesperson explained.

A source had mentioned earlier that Danone was “examining a attainable withdrawal from Russia,” adding the business preferred to keep away from getting rid of property or exposing area employees to hassle as nicely as avoid reducing the local population from food stuff offer if it pulled out.

The business acquired about 5% of its revenues in Russia in 2021 and considerably less than 1% in Ukraine.

Previous thirty day period Danone claimed it would keep on regional manufacturing in Russia of crucial dairy and toddler nutrition products, but experienced lower other ties with the country in excess of its war in Ukraine. [L2N2VQ1AA]

The company reported at the time it experienced finished other imports and exports as nicely as all investments, including promoting and purchaser promotions, in Russia, and that it would not get any funds, dividends or earnings from its enterprise there.

(Reporting by Dominique Vidalon Modifying by Benoit Van Overstraeten)

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