Danone to withdraw from Russia with €1 bln write-off

French food company Danone (DANO.PA) said on Friday it would shed its dairy food business in Russia in a deal that could lead to a write-off of up to 1 billion euro ($978 million), the latest costly exit from the country by a global company.

"This is the best option to ensure long-term local business continuity", Danone said in a statement, adding the Russian unit accounted for roughly 5% of the group's net sales in the first nine months of the year.