{
  "docId": "019de06f-4669-7735-a01d-804816b91d36",
  "docSlug": "39a281d99888fbc068f99eba815f2210",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 16 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 15,
  "pageCount": 16,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "thesis_headline",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-4669-7735-a01d-804816b91d36/15",
  "deckHref": "/decks/019de06f-4669-7735-a01d-804816b91d36",
  "deckJsonHref": "/decks/019de06f-4669-7735-a01d-804816b91d36.json",
  "deckAnchorHref": "/decks/019de06f-4669-7735-a01d-804816b91d36#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.06,
        "y": 0.83
      },
      "kind": "list",
      "text": "We look forward to engaging management in a constructive dialogue",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "090342e6-53cf-4852-aefa-517b670e2ef2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.06,
        "y": 0.46
      },
      "kind": "list",
      "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",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3134bb97-9205-4b60-bb23-86e824b7d77c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.06,
        "y": 0.11
      },
      "kind": "list",
      "text": "Trian believes Danone is significantly undervalued with significant potential upside over the long term",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ffc95d8-7801-4a29-acf7-6cad91c24db8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.86,
        "x": 0.1,
        "y": 0.59
      },
      "kind": "list",
      "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 (both sales AND EPS growth); Refrain from dilutive M&A",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ec1dd77-806c-496e-8c5c-9b4c883b1bb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.06,
        "y": 0.23
      },
      "kind": "list",
      "text": "In our view, management has, on the whole, run Danone well and takes pride in performance",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0ca956b-76e7-4cb9-b69f-5a8b3972c4ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.1,
        "y": 0.32
      },
      "kind": "list",
      "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",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6d9c944-d792-4233-8f89-85ef27fd1d9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company website.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e2d559d-53e4-4ae3-ae5f-2736dd6a72f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.45,
        "x": 0.06,
        "y": 0.03
      },
      "kind": "title",
      "text": "Danone: A Compelling Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fe487f1-226e-4b8a-a108-8bd1f688594a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 16,
      "from": 15,
      "beatId": "0f40add3-38e4-4eb9-93ac-a4d2b086c11c",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
      "beatSlug": "sequoia-pitch-solution",
      "evidence": "The slides present the investment conclusion and potential returns.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}