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  "documentTitle": "Danone (BN.PA)",
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  "authorName": "Trian Partners",
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  "notes": "This slide serves as an executive summary of an activist investor's (Trian) perspective on Danone.",
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      "text": "We look forward to engaging management in a constructive dialogue",
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      "text": "In our view, management has, on the whole, run Danone well and takes pride in performance",
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      "text": "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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      "text": "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",
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      "text": "Continue to push for leaner cost structure to offset headwinds in Europe and allow for core investments in R&D and marketing; Adopt balanced approach to driving value; Refrain from dilutive M&A",
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      "text": "Trian believes Danone is significantly undervalued with significant potential upside over the long term",
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