Marval advised Danone on the implementation of its strategic joint venture with Arcor to create a leading company in the Argentine dairy market

Marval O’Farrell Mairal advised Danone, a global leader in the food and beverage industry, on the implementation of its strategic joint venture with Arcor S.A.I.C., one of Argentina’s leading food companies, with the aim of creating a leading dairy company in Argentina.

Following the satisfaction of the conditions precedent applicable to the transaction, the reorganization and the related transactions through which the joint venture was implemented became effective on August 1, 2026.

As a preliminary step, the transaction included the joint acquisition of the remaining controlling interest in Mastellone Hermanos S.A. and culminated in the integration of Danone’s and Arcor’s existing shareholdings in two key players in the dairy industry: Danone Argentina S.A., primarily focused on the yogurt, certain cheese and desserts business, and Mastellone Hermanos S.A., primarily engaged in the dairy segment. These companies own iconic brands such as La Serenísima and Ser, among others.

The effective date of the reorganization marks the completion of a highly significant strategic transaction for the Argentine market, involving a complex and multidisciplinary process.

On Danone’s side, the transaction was led by its internal M&A team, headed by Daniela Dalton, with the participation of Antoine Belzanne, together with its internal M&A legal team, led by Samantha Loh and supported by Adrien Levallois.

Marval O’Farrell Mairal acted as legal counsel to Danone through a team led by its M&A practice, comprising partners Bárbara Ramperti and María Laura Bolatti Cristofaro, together with associates Agustina María Giordano, Martina Pagani, María de las Mercedes Lamela, María Virginia Canzonieri, María Victoria Gonzalez, Mariangeles Sanz and Julieta Salguero.

The firm was also supported by its Competition Law team, comprising Santiago del Río, Brenda Madonna Ackermann, Agustina Caridi and Romina Micaela Martin.

Bruchou & Funes de Rioja acted as external legal counsel to Arcor through a team led by M&A partner Mariano Luchetti and Corporate partner Florencia Angelico, together with associates María Gulias, Santiago Cleti García, Delfina Necol, Agustina Lanús de la Serna, Milagros Marini and Milagros Varona. The team also included Competition Law partner Gabriel Lozano.

With respect to the competition law aspects applicable in each jurisdiction, Danone and Arcor were advised in Uruguay by Guyer & Regules, through a team comprising Juan Manuel Mercant and Renato Guerrieri; in Brazil by BMA – Barbosa, Müssnich, Aragão, through a team comprising Bárbara Rosenberg and Camilla Paoletti; and in Paraguay by Ferrere, through a team comprising Verónica Franco and Fernanda Benitez.

F&G Finanzas & Gestión acted as Danone’s financial advisor through a team led by Patricio Rotman and Alberto Lagos Mármol, together with Agustín Magliola, María Belén Mourad Simes and Felipe Ballester. Centerview Partners also advised Danone through a team led by Pierre Pasqual, together with Pauline Lavaud and Matthieu Romagné.