Portfolio

Danone S.A. (2012-2015)

Danone is a French multinational food company with a number of leading consumer brands.

Trian announced its investment in Danone in November 2012. Trian believed Danone was undervalued with significant potential upside over the long term. Trian believed there were opportunities to improve performance that could drive increased shareholder value, including a leaner cost structure to allow for core investments in R&D and marketing.

In December 2012, Danone announced a €200m cost-cutting plan to improve competitiveness in its European operations. Additionally, the company stated that it would continue to adapt its business model in Europe, including updating its product ranges to meet consumers’ changing preferences. In December 2014, Danone confirmed its strategic priorities, including its plans to expand capacity and build development platforms in fast growing regions, particularly Asia and Africa, and strengthen company management.

Trian exited its investment in Danone in February 2015.

Sector: Consumer

Company Website: http://www.danone.com/en/