Danone completes acquisition of WhiteWave to create DanoneWave
On April 12, 2017, Danone said that the deal had been finalized, and that under the terms of the merger agreement, WhiteWave shareholders will receive $56.25 per share in cash.
In connection with the completion of the transaction, the WhiteWave common stock has ceased trading prior to market opening April 13, 2017, and will be delisted from the New York Stock Exchange.
The acquisition was made possible following Danone’s agreement to sell its Stonyfield subsidiary after reaching an agreement in principle with the Antitrust Division of the United States Department of Justice (DOJ) late last month.
In December, the estimated $12bn merger gained clearance from the European Commission under the condition Danone would divest its “growing-up milk” business in Belgium.
The deal was initially announced in July 2016 and had been expected to close by the end of 2016.
Creation of DanoneWave
Danone and WhiteWave will now combine their activities in North America to operate as a Strategic Business Unit, named DanoneWave.
As previously announced, the combination will include Danone Dairy’s and WhiteWave’s current North American businesses under the leadership of Lorna Davis, who has been appointed chief executive officer of the combined entity.
Alpro will join forces with Danone Dairy, in what the company describes as a key pillar of its new plant-based category, managed by Gustavo Valle, with the aim to expand and grow the plant-based category around the world.
”I am thrilled that we have completed the acquisition of WhiteWave,” said Emmanuel Faber, CEO of Danone.
“Danone and WhiteWave are a perfect match to build a global leader leveraging consumer trends and expectations for healthier and more sustainable eating and drinking choices,” Faber said.
With leading positions in some of the fastest growing, health-focused categories, he added, the combination will drive business performance.
Danone will present its Q1 2017 results on April 20 at 6 p.m. CET. At the presentation, Danone will update its full year guidance following the acquisition of WhiteWave.