After 16 years since it first partnered with Japan’s company Yakult, Danone has notified that it is planning to vend off its remaining 6.61% share in Japanese probiotic dairy company.

The proclamation comes two years after Danone dispossessed around two-thirds of its shares in Yakult costing €1.3 billion, in an attempt to make its functioning efficient. Earlier, the owner of Silk and Actimel had 21.29% of the stake of the Japanese drinks company in hand before selling over 24 million shares in the brand.

As per the Bloomberg, the stake costs about ¥60 billion ($570 million). The firm has launched the sale today through an accelerated book building procedure.

This step is said to be in accordance with its regular attention on capital assignment discipline and balance sheet robustness.

Despite the transaction, the companies reconfirm their dedication to its long-haul strategic and schematic coalition to advocate probiotics. As soon as the sale ends, running commercial collaboration such as its mutual ventures in India and Vietnam will remain as they are.

As per the notification by Danone, an additional declaration will be made with respect to the completion of this transaction revealing all the financial particulars.

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