Paris, December 4, 2025, at 6:00 PM CET To offset the dilutive impact of its annual employee shareholder plans, Danone launches a buyback of 3.8 million shares Danone announces today that it has signed a mandate with an investment service provider for the purchase of around 3.8 million of its own shares. This aims to offset the dilutive impacts resulting from the capital increases reserved to employees and the long-term incentive plans to be implemented in 2026. The purchase period starts on December 5, 202 ...

Paris, December 4, 2025, at 6:00 PM CET To offset the dilutive impact of its annual employee shareholder plans, Danone launches a buyback of 3.8 million shares Danone announces today that it has signed a mandate with an investment service provider for the purchase of around 3.8 million of its own shares. This aims to offset the dilutive impacts resulting from the capital increases reserved to employees and the long-term incentive plans to be implemented in 2026. The purchase period starts on December 5, 202 ...

Investment Dynamics - Nestlé is investing approximately £28 million (around 260 million RMB) to upgrade its Dalston factory in Cumbria, UK, aimed at expanding its ready-to-drink coffee production line, which will include a new mixing workshop and two packaging lines, reducing manual handling by 80% and achieving a capacity of 60,000 packs per hour [3] - Danone Canada announced a historic investment in its Boucherville factory in Quebec, which includes energy recovery equipment to enhance sustainable operations, marking Danone's largest investment in Canada to rapidly increase yogurt production capacity to meet growing health demands [6] - Subway's management company in Shanghai increased its registered capital from approximately 320 million RMB to about 380 million RMB, a 21% increase, to support rapid store expansion and narrow the gap with competitors like McDonald's and KFC [9] - "Meet Little Noodles" is targeting to raise $100 million (approximately 780 million HKD) through a pre-IPO roadshow, which will support its expansion to a thousand stores and strengthen its brand in the Chinese dining sector [10] Acquisition Dynamics - Uni-President Enterprises has signed a share purchase agreement to acquire Carrefour Taiwan for a total of approximately $970 million (around 6.9 billion RMB), which is about $32 million (approximately 230 million RMB) less than the 2023 transaction price [15] - Guangxi Travel Health Industry Group is acquiring a 20% stake in Southern Black Sesame Group, which will help the latter repay short-term debts and aim for profitability by 2025 [18] - Anheuser-Busch InBev is in talks to acquire BeatBox, valuing the company at approximately $700 million (around 5 billion RMB), which will enhance its presence in the ready-to-drink segment and leverage existing distribution channels [20] - JBS's subsidiary Mantiqueira USA is set to acquire Hickman's Egg Ranch, one of the top 20 egg producers in the U.S., as part of its strategy to diversify its protein business [22] Personnel Dynamics - Roland Mouret has stepped down as creative director of his eponymous brand, with Han Chong taking over as the sole creative director, which may impact the brand's short-term performance due to the loss of a key creative force [24] - Francesca Bellettini, CEO of Gucci, has joined the board of Brioni, which may enhance the brand's supply chain resources and potentially replicate Gucci's high-margin model to boost profitability [27]

Core Insights - Danone has announced a significant investment in a yogurt factory in Boucherville, Quebec, Canada, to address the increasing demand for yogurt in the country [1][2] - The investment is described as Danone's largest in Canada, aiming to enhance yogurt tub output by 40% and raw milk processing capacity by 20% [1][2] - The new production line is expected to commence operations next year, with a focus on modernizing energy usage at the site [2] Company Performance - In Q3 2025, Danone's sales in North America increased by 1.5% on a like-for-like basis, with a volume/mix growth of 0.3% [3] - The company noted challenges in the plant-based category, particularly in drinks under the Silk and Alpro brands, while high protein products showed strong momentum [3] - Earlier expansions were also announced for plants in the US and Kazakhstan, indicating a broader growth strategy [3] Recent Developments - In August, Danone revealed plans for a multi-million-dollar investment to expand its yogurt factory in Minster, Ohio, which will include a new production line and create 30 full-time jobs [4] - The company is also set to more than double the output of its manufacturing plant in Kazakhstan, further emphasizing its growth initiatives [4]

Industry Overview - Protein has become a significant ingredient in the U.S. food industry, with companies incorporating it into a wide range of products due to rising health interests and the popularity of GLP-1 medications for weight loss [3] Company Performance - Danone, the largest yogurt manufacturer globally, has seen a surge in sales driven by the demand for high-protein products, particularly among consumers using weight-loss drugs [4] - Danone's portfolio in the U.S. consists of 50% Greek yogurt, with a focus on high-protein offerings, including the recent launch of a high-protein Oikos yogurt shake aimed at GLP-1 users [6] Supply Chain Challenges - The company is facing significant manufacturing capacity constraints, which have hindered its ability to meet the soaring demand for high-protein yogurts, leading to a "really tense" supply situation [5][8] - Danone reported a 4.8% increase in like-for-like sales overall, but North America experienced the slowest growth at 1.5%, attributed to these capacity issues [7] Future Plans - To address the demand, Danone is expanding production capacity at several U.S. plants, including a significant investment in its Minster, Ohio facility, amid what it describes as "explosive growth" in yogurt [6]

Core Insights - The foundation stone for a new Aut0nom® logistics site in Sorigny has been laid by ARGAN and Danone, marking a strategic expansion for Danone in logistics capacity in Western France [2][4] - The new site will double Danone's logistics capacity in the Greater West of France, enhancing its ability to distribute dairy and plant-based products closer to consumer hubs [5][6] Company Developments - The logistics site will cover 8,200 sq.m, including 6,400 sq.m of positive cold storage and an 800 sq.m office block, with a focus on green energy for self-consumption [3] - Danone's commitment to local and sustainable food is reinforced by this project, which aligns with its recent announcement of an additional 45,000 tons of annual production in France [6] Strategic Importance - The project is seen as a significant milestone for both ARGAN and Danone, showcasing a collaborative effort to enhance economic attractiveness in the region [7] - The Aut0nom® label signifies the site's commitment to high energy performance and sustainability, aligning with ARGAN's development strategy focused on premium logistics solutions [8][10]

Core Insights - ARGAN and Danone have commenced construction of a new Aut0nom® logistics site in Sorigny, which will significantly enhance Danone's logistics capacity in Western France, doubling it in the region [2][5][6] Company Developments - The new logistics site will cover 8,200 square meters, including 6,400 square meters dedicated to positive cold storage and an 800 square meter office block [3] - The Aut0nom® equipment will allow the site to generate green, decarbonized energy for self-consumption, aligning with Danone's commitment to responsible logistics [3][5] - Danone's expansion includes an additional 45,000 tons of annual production capacity in France, reinforcing its focus on local and sustainable food [6] Strategic Importance - The logistics site will facilitate the distribution of Danone's dairy and plant-based products closer to consumer hubs, reflecting the company's strategy to invest sustainably in French regions [5][6] - The project is seen as a testament to the economic attractiveness of the Sorigny area and the collaborative efforts between ARGAN, Danone, and local authorities [7] Company Profiles - ARGAN specializes in the development and rental of premium warehouses and is a leading player in the French market, with a portfolio of 3.7 million square meters valued at €4.0 billion [8][9] - Danone is a prominent French food company with a mission to provide health through food, operating 25 sites and employing 6,500 people in France [13]

Core Viewpoint - Lifeway Foods has reached a cooperation agreement with Danone, allowing the company to move forward with clarity and stability after a period of strained relations and litigation [1][3][4]. Group 1: Relationship Background - The relationship between Lifeway and Danone has been tense over the past year, following Lifeway's rejection of two takeover bids from Danone and subsequent litigation [1][2]. - Danone, which has held a 22.7% stake in Lifeway since its investment in 1999, is considering selling its stake and has opted not to make further acquisition offers [2]. Group 2: Agreement Details - The new agreement includes Lifeway refreshing its board by appointing four new directors and separating the roles of chair and CEO, which were previously held by Julie Smolyansky [3][4]. - The litigation between the two companies will be halted, and Lifeway will comply with the previously contentious shareholder agreement [5]. - Danone has agreed to waive certain rights, including its right to appoint a board member, and will not support any board replacement proposals until after June next year [5]. Group 3: Shareholder Dynamics - The largest shareholders of Lifeway, Ludmila and Edward Smolyansky, have sought to replace the current board with nominees focused on accountability and long-term shareholder value [6].

Core Viewpoint - Danone has successfully launched a €1.3 billion dual-tranche bond issue to enhance its funding flexibility and extend the maturity of its debt [1][2]. Group 1: Bond Issue Details - The bond issue consists of two tranches: €800 million in 2-year floating rate notes with a coupon of Euribor 3 months + 27 basis points, and €500 million in undated deeply subordinated fixed rate resettable notes with a fixed resettable coupon of 3.95% [6]. - The proceeds will be used for general corporate purposes, including refinancing existing €500 million undated deeply subordinated fixed rate resettable notes callable in September 2026 [1][2]. Group 2: Financial Reporting and Credit Metrics - The undated deeply subordinated notes will be fully accounted as equity under IFRS standards and treated as 50% equity by Moody's and Standard & Poor's in their credit metrics [2]. - The settlement of the bond issue is expected to take place on September 8, 2025, and the bonds will be listed on Euronext Paris [2]. Group 3: Investor Confidence and Company Overview - The bond issue was widely subscribed by a diversified investor base, indicating high confidence in Danone's business model and credit profile [3]. - Danone is a leading global food and beverage company with a focus on health-oriented products, generating €27.4 billion in sales in 2024 and operating in over 120 markets [3].

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