Danone buys Whitewave in US

Danone and The WhiteWave Foods Company in the US have entered into a merger agreement under which Danone will acquire WhiteWave for $56.25 per share in an all-cash transaction, representing a total enterprise value of approximately $12.5 billion (€11.2bn), including debt and certain other WhiteWave liabilities. The transaction is expected to close by the end of the year, subject to the approval of WhiteWave’s shareholders, regulatory approvals, and customary conditions.

WhiteWave is a global company has a portfolio in North America and Europe in high-growth, on-trend food and beverage categories that focus on premium organic dairy, non-GMO, plant-based alternatives to milk and yogurt, fresh foods and coffee creamers. WhiteWave’s business includes brands such as Silk, So Delicious, Horizon Organic, Wallaby Organic, Earthbound Farm and International Delight.

“At Danone, we constantly seek to align our vision of the world, our mission and our businesses: we believe we have a special responsibility, as expressed in our Manifesto, to help and support people in adopting healthier and more sustainable eating and drinking practices and constantly evolve our portfolio of brands and products to achieve this objective. To that extent, we found in WhiteWave the perfect alliance as we both believe in a healthier future and are conscious of our power to lead society forward,” says Emmanuel Faber, Danone CEO. “This combination positions us better to address tomorrow’s consumer trends and represents a great opportunity to step change the ambition of our plan for an alimentation revolution and to accelerate our path towards strong sustainable and profitable growth by 2020. It will allow us to enhance Danone’s growth profile and reinforce our resilience through a broader platform in North America.”

Gregg Engles, WhiteWave chairman and CEO says, “We believe this is a compelling transaction that delivers significant cash value to our shareholders. Danone is a great cultural fit for our organisation and I am excited for our employees to benefit from the opportunities presented by joining Danone, a leading global food company and the ideal strategic partner to support our future. I am pleased to be joining Danone’s Board to assist with the exciting and unique journey combining our two companies.”