Danone BN, +1.66% said Thursday that it has finalized the sale of its approximately 9.8% stake in Chinese dairy company China Mengniu Dairy Co. with gross proceeds amounting to 15.4 billion Hong Kong dollars ($1.98 billion).
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This file photo taken on February 19, 2013 shows French Dairy firm Danone's logo at the plant in Ferrieres-en-Bray, northwestern France. CHARLY TRIBALLEAU/AGENCE FRANCE-PRESSE/GETTY IMAGES

The French food company said the majority of the proceeds will be returned to shareholders through a share buyback program whose details will be disclosed upon initiation.

The sale was launched on Wednesday via an accelerated bookbuilding process after Danone converted its indirect stake in Mengniu into a direct holding earlier this year.

The transaction settlement is set to take place on May 17.

Victorian scientists in Australia will be working on methods to reduce the environmental footprint of the Australian dairy cow and to create a more profitable and sustainable dairy sector.

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