HONG KONG |
HONG KONG May 20 (Reuters) – Shares of China Mengniu Dairy Co Ltd surged 8.6 percent to a 17-month high on Monday after the Chinese dairy products maker said Danone Group would invest in the company and team up in developing yoghurt products in China.
Its shares rose to HK$ 26.60, their highest since December 2011, outperforming a 1.4 percent gain in the benchmark Hang Seng Index.
Mengniu said on Monday substantial shareholder Farwill Ltd would transfer an 8.3 percent stake in the company to a joint venture involving Danone Group, in a deal worth HK$ 3.6 billion ($ 463.74 million).
China Mengniu surges to 17-mths high after Danone"s investment
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