German company Gebrüder Bagusat, a Munich-based supplier of fruit preparations, is reportedly preparing to take over the controlling stake held by French multinational Danone in the fresh fruit juice joint venture it runs with Chiquita Brands International.
According to a report in French business newspaper Les Echos, Danone has decided to divest the 51 per cent shareholding it purchased three years ago, with one anonymous source citing three years of poor performance and a "significant downturn" it its southern European dairy division.
Back in the spring of 2010, Danone, one of the world's largest food companies, agreed to pay an undisclosed amount in cash to Chiquita for a majority interest in - and management control over - the joint venture, which is responsible for distributing Chiquita's Just Fruit in a Bottle range of freshly prepared fruit drinks as well as other products including C-Optima, a vitamin-rich fruit purée, and smoothie line Crushed under licence from Chiquita.
Fernando Aguirre, then chief executive of Chiquita, commented at the time: "Chiquita's partnership with Danone leverages both firms complementary strengths and will enable us to expand Just Fruit in a Bottle much faster and efficiently across Europe."
