An activist hedge fund has amassed a $400 million stake in yogurt maker Danone
Julia Calderone/Tech Insider
Corvex recently bought a $400 million stake in Danone - known in the US for its Dannon subsidiary - claiming weak sales and stock performance of late have led investors to undervalue the firm, according to a Bloomberg report.
Danone stock was up more than 4% through mid-afternoon Monday.
Corvex, which is run by Carl Icahn protegé Keith Meister, isn't the only activist targeting European brands.
Third Point Capital, which is run by billionaire investor Dan Loeb, recently revealed a $3.5 billion position in Swiss food and beverage company Nestle.
So far, neither Meister nor Loeb are making aggressive moves to rankle their new European targets.
Loeb has heaped praise upon Nestle CEO Mark Schneider, and Bloomberg reports that Meister has no plans to start a public battle over Danone's management.
Read the full Bloomberg report here
- Having an regional accent can be bad for your interviews, especially an Indian one: study
- Dirty laundry? Major clothing companies like Zara and H&M under scrutiny for allegedly fuelling deforestation in Brazil
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status