Danone shares fell after the world’s largest yogurt maker reported the third consecutive quarterly drop in volume and irked analysts by saying it will include this month’s $10 billion takeover of WhiteWave Foods Co. in its like-for-like sales figures for 2017.
The stock declined as much as 2.8 percent to 61.91 euros in Paris, even after the maker of Activia yogurt raised its forecast for profit growth this year.
By immediately incorporating WhiteWave into its like-for-like sales reporting, Danone is deviating from standard practice of doing so after the first 12 months of a takeover. Some analysts said the decision obscures the performance of Danone’s dairy business and shows the company isn’t confident in the sales outlook.
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