The Moroccan royal family's investment firm, SNI recently announced the sale of its 37.7 percent stake in dairy firm Central Laitiere. The purchaser is well-known French biscuit maker Danone and was consummated through a bloc trade according traders.

Danone would pay SNI a total of Eur550 million or US$727.23 million to obtain control of the top dairy producer in Morocco as well as increase its presence in Northern Africa. The slumping sales in Southern Europe prompted the diversification of interests for the French firm.

In another sale, SNI also sold its final fifty percent interest over Bimo, Morocco's top biscuit manufacturer. The purchaser is Kraft Foods for the price of 1.31 billion Moroccan dirhams or US$155.37 million.

SNI has diversified interests in a range of sectors, from insurance to car importation to water and sugar. The moves are intended to move forward into new sectors such as renewable energy, mining, telecommunications and tourism. Other sales are expected to come from the firm, especially in banking and sugar industry holdings.