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Danone is strengthening its relationship with Argentinian dairy company Arcor, creating a new joint venture focusing on the local dairy market.

Announced yesterday (24 March 2026), the JV includes a transaction to combine Danone’s dairy business in the country with Mastellone Hermanos – an Argentinian dairy group in which Danone and Arcor (via subsidiary Bagley) currently hold a 49% stake – and acquire the remaining 51% stake.

Mastellone Hermanos' dairy portfolio includes its flagship La Serenísima brand, alongside other local dairy brands. Alongside these brands, the deal will include Logistica La Serenísima, the companies’ common logistics subsdiary, now to be brought under Danone and Arcor’s full ownership.

Building on the companies’ longstanding partnership spanning two decades, the alliance aims to create an integrated business that leverages both companies’ strengths and scale.

The JV is expected to unlock new growth opportunities in the dairy market through its 11 manufacturing plants in Argentina, producing a range of dairy products including milk, dulce de leche, cheeses, creams, butters, yogurts and desserts.

Danone will hold equal control of the JV with Arcor under the latest deal. Post-closing, it will be reflected within ‘equity-accounted companies’ in Danone’s financial statements based on the 50% shareholding.

Antoine de Saint-Affrique, CEO of Danone, said: “This underlines our commitment to the Argentinian market and Latin America. Combining our assets will create a powerful growth platform with more opportunities for innovation, operational efficiency and greater reach.”

Alfredo Pagani, president of Arcor, added: “This alliance will accelerate growth through an integrated strategy focused on the development of high-value-added products. For Arcor, this is a strategic project that reaffirms our commitment to the country and strengthens our value proposition in the consumer food products market.”

The transaction remains subject to customary closing conditions, including regulatory approval.