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Danone and the Wadias own equal stakes in the London-based Associated Biscuits International Holdings, which in turn owns 51% in Britannia. The companies have being going through bitter corporate war for quite some time now. However, they are expected to soon sign an agreement that will give control of Britannia to the Wadias.
It is for funding this acquisition of Danone's stake in Britannia that Bombay Burmah has begun talks with foreign banks for the transaction. The newspaper said that the precise cost of Danone's stake in Britannia is not known. As on September 12, 2008, the French food group's stake has been valued at INR8.39 billion.
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