Trian Partners Activist Presentation Deck
Danone: A Compelling Value
Trian believes Danone is significantly undervalued with significant potential
upside over the long term
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▪ In our view, management has, on the whole, run Danone well and takes pride
in performance
CEO Franck Riboud, since taking over in 1996, has transformed Danone from an
unfocused company to having one of the best positioned portfolios in the large-cap food
space
▪ While there are cultural and corporate governance differences in France
versus the US or UK, we believe there are opportunities to improve
performance that can drive increased shareholder value
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Continue to push for leaner cost structure to offset headwinds in Europe and allow for
core investments in R&D and marketing (unlike slower-growth peers watching every
dollar spent, Danone has been able to rely more on top-line)
Adopt balanced approach to driving value (both sales AND EPS growth)
Refrain from dilutive M&A
▪ We look forward to engaging management in a constructive dialogue
Source: Company website.
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