date:Aug 13, 2013
China Mengniu Dairy Co Ltd and French food giant Groupe Danone SA signed an agreement on Aug 9 to establish a joint venture, according to a statement by the Chinese dairy producer on Monday.
The joint venture will see the companies acquire, invest and manage chilled yoghurt products in China.
Danone owns a 20 percent stake in the joint venture and China Mengniu owns 80 percent.
The companies previously said the joint venture will use Danone's advantage in quality control and product innovatio