Danone sells full control of water unit to Coke

<p>French food company Groupe Danone SA said Friday that The Coca-Cola Co. will take full control of the joint venture that distributes water brands including Evian, Sparkletts and Dannon in North America.</p><p>Under a revised agreement, Coke will buy out Danone's 49 percent interest in the venture, which will continue to distribute Danone's bottled water brands, Danone said.</p><p>Under the revised agreement, Danone said, Coke will increase advertising spending for the flagship Evian brand by 20 percent over the next five years.</p><p>"We reviewed the Evian distribution accord with the objective of stronger advertising and marketing support," Danone's Financial Director Emmanuel Faber said, speaking at the group's annual shareholders' meeting.</p><p>Faber declined to comment on the price of the transaction.</p><p>Danone's American depositary shares fell 3 cents to $19.20 on the New York Stock Exchange.</p><p>Coca-Cola shares rose 15 cents to $42.13 on the NYSE.</p>

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