Danone is finally joining the large number of western multinationals by reducing its footprint in Russia.

The essential dairy and plant-based (EDP) business, which is being transferred out of the company, accounted for 5% of Danone's net sales in the first nine months of 2022.

A press release from the company said the divestiture would lead to a write-off of "up to €1bn".

The transaction is subject to regulatory approval.

Danone had been one of an increasingly small list of companies that had retained operations in Russia in the wake of the invasion of Ukraine.

In March, Danone said it was continuing operations, while in July the company spoke of the "extremely tense" business conditions in Russia and Ukraine.

Shares in the company are more than 2% higher in Paris trading as investors welcomed the news.