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Danone says contacts with Wahaha continuing

(Agencies)
Updated: 2008-04-30 16:57

Groupe Danone is pursuing discussions with Chinese partner Wahaha to resolve a dispute over their joint venture, but does not have a timetable for the talks, joint chief operating officer Emmanuel Faber told the French food group's annual general meeting (AGM).

Related readings:  Wahaha-Danone wrangle drags on  Wahaha rejects Danone's new cooperation plan  Danone, Wahaha agree to end confrontation, resume talks

"Direct contacts are continuing on a frequent and regular basis in line with last December's agreement", he said, referring to a deal under which the two sides suspended legal proceedings in order to enter negotiations.

"But there is no timetable for the evolution" of the discussions, he said.

Commenting during Danone's full-year results presentation in February, Faber had said the group expects it to take "several months" to work out a solution to its dispute with Wahaha.

The dispute concerns brand ownership rights under the companies' drinks joint venture. Danone has notably accused Wahaha of selling products covered by the joint venture through parallel networks.

Executives also reiterated to shareholders Danone's target for 8 to 10 percent growth in organic sales this year.

The company had announced the sales guidance in February as part of new medium-term targets. It is also aiming for operating profit to grow faster than sales on a like-for-like basis, with operating margin to improve every year, and for growth in underlying earnings per share of over 15 percent, versus the proforma 2007 level.

For 2008, Danone has also guided specifically for a rise in operating margin of at least 30 basis points, again on a like-for-like basis.

Regarding the French government's draft law that will liberalise pricing and planning regulations in retailing, CEO Franck Riboud told the AGM that it was too early to say how it will play out, but that "Danone will adapt".

The government wants to give retailers the right to negotiate individually with their suppliers about prices, in contrast to the current system that involves manufacturers setting one list price for all retailers.