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  "documentTitle": "Danone (BN.PA)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2012-11-07 00:00:00",
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  "notes": "The chart uses color coding to distinguish Danone's categories from others.",
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      "kind": "callout",
      "text": "Danone is a leader in several of the fastest growing categories within global packaged food",
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      "text": "Estimated Global Annualized Category Growth Rate, 2011-2020",
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      "kind": "list",
      "text": "Infant Nutrition: ~75% of sales in Emerging Markets; Top 5 companies control over 60% of global formula market; Minimal private label threat; Leveraged to increasing number of births and growing global middle class",
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      "text": "Water: Top 3 player but #1 in premium brands; Danone: #1 positions in Mexico, Indonesia and among largest in China; Consumption in emerging markets like China and Brazil ~70-80% below developed markets",
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      "text": "Dairy (Yogurt): Danone almost 4x sales of nearest competitor; Brands that travel: Activia ~€3b in sales globally; US fresh dairy per capita consumption 14lbs per year vs. ~30lbs in UK and 70-80lbs in France and Germany",
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      "text": "Annualized Category Growth Rate: 12.1%",
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      "text": "Source: Euromonitor, Street research, Investor Presentations, Pfizer Nutrition Acquisition presentation. Note: Displaying all categories applicable to Danone plus those additional categories that represent 3% or more of total global packaged food & drink sales.",
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      "text": "Exposure to Attractive, High-Growth Categories",
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