Deals
Activist Fund Corvex Targets ‘Undervalued’ Yogurt Maker Danone
- Keith Meister’s hedge fund said to build $400 million stake
- French yogurt maker has been seen as potential takeover target
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Corvex Management, the activist fund run by Keith Meister, has built a stake in French yogurt maker Danone because it views the company as significantly undervalued, according to people familiar with the matter.
The New York-based hedge fund owns shares in Danone worth about $400 million, said the people, who asked not to be identified because the investment hasn’t been publicly disclosed. The stock rose as much as 2.9 percent in early Paris trading, leading gains in France’s benchmark CAC 40 Index.