Corvex Management, the activist fund run by Keith Meister, has built a stake in French yogurt maker Danone because it views the company as significantly undervalued, according to people familiar with the matter.
The New York-based hedge fund owns shares in Danone worth about $400 million, said the people, who asked not to be identified because the investment hasn’t been publicly disclosed. The stock rose as much as 2.9 percent in early Paris trading, leading gains in France’s benchmark CAC 40 Index.
Activist investors increasingly have European companies in their sights, and Dan Loeb’s purchase of a stake in Nestle SA has shown that not even the region’s biggest company is immune. Danone was previously a target in 2012, when Nelson Peltz bought a stakeand pressed for tighter cost control.
To read the rest of the story, please go to: Bloomberg