The owner of the Evian water brand, Danone, has acquired a 50.1% stake in Sirma to allow its presence to expand in the Turkish water market. No terms were disclosed in the announcement.
Sirma's sales revenues reached almost Eur100 million or US$131 million, according to the Paris based food conglomerate through an emailed statement. This would only further expand its bottled water business in Turkey as it has a standing agreement with Hayat. Also, the two companies under Danone would complement one another in brand positioning, geographical presence and distribution options.
Danone said that the agreement would serve to accelerate Sirma's expansion in the Turkish market. The transaction is expected to be done before the year's end, subject to standard regulatory approvals in Turkey.
Danone is the world's largest maker of yogurt and it has been critical of the current Eurozone crisis that has led to a drop in consumption in many European countries.
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