French dairy-products company Danone SA (BN.FR, DANOY) said Wednesday it has raised its stake in Moroccan firm Centrale Laitiere, in a deal worth EUR550 million.

In a statement, Danone said it has increased its interest in Centrale Laitiere to 67% from the 29.2% owned by the company since 2001.

Danone said it bought part of holding company SNI's stake.

According to Danone, Centrale Laitiere is Morocco's leading dairy company with nearly 60% of the country's market.

Danone added that the deal is subject to approval from the relevant authorities.

Write to Nadya Masidlover at nadya.masidlover@dowjones.com.