Danone Acquires WhiteWave Foods in $10 Billion Deal
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Emmanuel Faber’s first big move as Danone’s chief, after the $10 billion takeover of WhiteWave Foods Co., is a foray into soy milk, protein shakes and kale aimed at kickstarting growth at the French yogurt maker that’s grappling with a drop in dairy consumption.
The Paris-based producer of Actimel drinks agreed to buy the U.S. company for $56.25 a share in cash, gaining leadership in the burgeoning natural and organic food sector through its biggest acquisition in almost a decade.
After spending his first year trying to revive sluggish sales in Danone’s core European dairy segment, Mr. Faber is now expanding his portfolio to include a range of faster-growing, higher-margin items. They include the Silk brand soy beverage, cashew milk and soy yogurts that cater to more affluent and health-conscious consumers. The agreement is a victory for Douglas L. Braunstein and James C. Woolery, former JPMorgan Chase bankers, who prodded WhiteWave to consider a sale through their investment fund.
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