France’s Danone , battling local rivals for a larger share of China’s booming baby milk market, has invested $550 million in formula maker Yashili International Holdings, further reducing its dependence on slow growth Europe.
The deal strengthens Danone’s ties with China’s top dairy firm — Yashili’s largest investor — and comes as the French firm’s key Dumex baby nutrition brand seeks to win back consumers after accusations of high prices, bribery and tainted milk scares last year.