Chinese beverage giant Wahaha Group announced that it had settled a legal dispute with Groupe Danone SA, with the French food and beverage group agreeing to sell its 51 percent stake in the Danone-Wahaha joint venture to its Chinese partners.

The two companies reached an "amicable settlement" with "the support of both the Chinese and French governments", Hangzhou-based Wahaha Group said in a statement.

Neither Danone nor Wahaha discussed a price tag for the sale.