We thought Danone (XPAR:DN) had paid a high multiple to acquire WhiteWave, which makes almond milk and other organic products, but it was able to offset some of the acquisition cost by divesting Stonyfield Farms at a similar multiple. Competition in the US yogurt market between Danone and Greek-style products seems to have abated, and Danone’s market share has stabilized.
From First Eagle Global Fund's second quarter 2017 shareholder commentary.
