A deal with Danone

Danone has long been seen as a takeover target in the next phase of global food industry consolidation. That’s why the markets reacted so excitedly to rumours that PepsiCo was building a stake in the French food giant. The shares rose nearly 4% on what was otherwise a bad day for European stocks. PepsiCo denied the reports. But that won’t put an end to speculation about Danone’s future. Danone makes a tempting target. Its brands, including Evian bottled water and Danone dairy products, dominate...