French food giant Groupe Danone SA held emergency board meetings
yesterday with new directors appointed by its Chinese joint venture
partner Wahaha that ended without a breakthrough, the Chinese
beverage maker said yesterday.
The Chinese directors, who were appointed after the departure of
Zong Qinghou, chairman of the 39 joint ventures between Wahaha and
Danone, did not reach any agreement with Danone yesterday. They
also claimed the French company "laid a trap" and "ignored the
rights of Chinese side board members".
Wahaha, China's largest drinks producer, said yesterday that the
Danone's appointment of a new chairman to the deteriorating joint
ventures was illegal.
The Paris-based company appointed Emmanuel Faber as the joint
ventures' interim chairman after Zong resigned earlier this month
amid a bitter feud with Danone.
"There were no discussions during the meeting. (Danone) merely
took out a prepared resolution and demanded Chinese board members
sign it," said several board members, who remained anonymous. "The
board meetings broke up without achieving any substantial
results."
In a statement yesterday, Wahaha said the Chinese directors
refused to accept Faber as their new chairman.
(China Daily June 22, 2007)