(Bloomberg) -- Danone is moving to sell the rest of its stake in Japan's Yakult Honsha Co., two years after the world's largest yogurt maker disposed of most of its holding.
The maker of Activia yogurt is starting the sale of its remaining 6.61% stake in the producer of probiotic drinks through an accelerated bookbuilding process, the company said in a statement Tuesday. The stake is worth about 60 billion yen ($570 million), according to Bloomberg calculations.
Danone sold about two-thirds of its Yakult stake in 2018 for about $1.6 billion, using the proceeds to reduce its debt ratio and invest to accelerate organic growth. That lowered its stake from a previous 21.3%.
Danone shares rose 0.5% early Tuesday in Paris, with Yakult gaining 1.9% in Tokyo.
The firms will continue commercial partnerships, including joint ventures in India and Vietnam.
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