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Danone is to acquire WhiteWave Foods - which has been seen as an attractive takeover target since its spin-off from Dean Foods - in a $12.5bn deal that will almost double the size of its US business from 12% to 22% and give it a stronger presence in fast-growing plant-based and organic food categories. Paris-based Danone, which owns brands including Actimel, Oikos and Evian, is offering $56.25 per share in an all-cash deal, representing a total enterprise value of c$12.5bn , said Danone, which is paying around 26 times 2016 estimated EBITDA for WhiteWave - well above an average multiple of around 15 times in recent dairy deals, according to an analysis by Bloomberg. Comment?
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