China Mengniu surges to 17-mths high after Danone's investment

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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.

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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).

 

(Reporting by Donny Kwok; Editing by Paul Tait)

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