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PARIS (Reuters) - Abruptly ousted as head of Paris-based Danone, the yoghurt group he turned into a standard bearer for green-friendly businesses, Chief Executive Officer Emmanuel Faber’s dismissal is a rare win for activist funds in France campaigning for his removal.
FILE PHOTO: A company logo is seen on a product displayed before French food group Danone s 2019 annual results presentation in Paris, France, February 26, 2020. REUTERS/Christian Hartmann
Faber’s struggle to address simmering unease among boardmembers, after some of the former CEO’s strategy shifts led to internal disputes in recent months, laid the groundwork for a coup before the investors’ intervention, said two people familiar with the group, who declined to be named due to the sensitivity of the matter.
Publishing date: Mar 15, 2021 • March 15, 2021 • 3 minute read •
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PARIS Abruptly ousted as head of Paris-based Danone, the yogurt group he turned into a standard bearer for green-friendly businesses, Chief Executive Officer Emmanuel Faber’s dismissal is a rare win for activist funds in France campaigning for his removal.
Faber’s struggle to address simmering unease among boardmembers, after some of the former CEO’s strategy shifts led to internal disputes in recent months, laid the groundwork for a coup before the investors’ intervention, said two people familiar with the group, who declined to be named due to the sensitivity of the matter.
Danone Plans to Sell China Dairy Stake to Appease Shareholders
Bloomberg 3/1/2021
(Bloomberg)
Danone is preparing to sell its stake in a Chinese dairy company to fund stock buybacks as the French company tries to boost shareholder returns amid pressure from disgruntled investors.
Danone said Sunday it plans to sell its stake in China Mengniu Dairy Co., which has a market value of more than $2 billion, later this year. Most of the proceeds would be used to fund share repurchases. Danone shares rose as much as 2.6%.
The announcement comes hours before Danone’s board reportedly meets to discuss its response to calls from investors such as Artisan Partners Asset Management Inc. for management changes. Danone Chairman and Chief Executive Officer Emmanuel Faber is facing demands for him to give up one or both of his positions at the company, which he has led since 2014.
(Bloomberg) European equities rose, snapping their longest losing streak since October, as economically sensitive sectors rallied and luxury-goods shares were boosted by positive earnings updates. The Stoxx Europe 600 Index advanced 0.5% at the close, erasing a weekly loss and trading within about 5% of a record high reached exactly a year ago. Miners, banks and travel shares led gains as defensive sectors such as health-care companies lagged. Hermes International and Moncler SpA climbed more than 3% after better-than-estimated results. One year after the pandemic fueled a rout in European stocks, the Stoxx 600 is still recovering. It fell for the past three days, before clawing back some gains on Friday to close just 0.2% higher for the week. Strategists on average expect a further advance for the region’s equities this year, with many saying a pullback may be temporary. “I am thinking this is a healthy setback after the strong start to the year,” said Ulrich Urbahn, head of m
European Stocks Climb to Reverse Weekly Loss as Cyclicals Lead
This content was published on February 19, 2021 - 17:12
February 19, 2021 - 17:12
(Bloomberg) European equities rose, snapping their longest losing streak since October, as economically sensitive sectors rallied and luxury-goods shares were boosted by positive earnings updates.
The Stoxx Europe 600 Index advanced 0.5% at the close, erasing a weekly loss and trading within about 5% of a record high reached exactly a year ago. Miners, banks and travel shares led gains as defensive sectors such as health-care companies lagged. Hermes International and Moncler SpA climbed more than 3% after better-than-estimated results.
One year after the pandemic fueled a rout in European stocks, the Stoxx 600 is still recovering. It fell for the past three days, before clawing back some gains on Friday to close just 0.2% higher for the week. Strategists on average expect a further advance for the region’s equities this year, with