Groupe DANONE today announced an agreement to sell its bottled water business in Italy (Italaquae) to LGR Holding.
With reported sales of EUR 150 million in 2003, Italaquae is n°3 player on the Italian bottled water market with flagship brands including Ferrarelle, Vitasnella and Boario, and a c. 8.5% market share of the total market. Italaquae is the leader of the lightly sparkling water segment with its Ferrarelle brand.
LGR Holding is controlled by the Italian entrepreneur Carlo Pontecorvo, former vice chairman of AVIR Finanziaria Spa, manufacturer of glass packaging and one of the historical suppliers of Italaquae.
This transaction is subject to acceptance by relevant authorities and compliance with procedures required for conclusion of the sale, in particular the agreement of local anti-trust authorities.