Danone is a multibillion-dollar food giant with a deep bench of yogurt and milk options. It also has a huge presence in plant-based offerings, which it doubled down on with its $12.5 billion purchase of WhiteWave in 2017.

But despite an enviable portfolio of brands that populate large swaths of the dairy aisle, activist investors including Artisan Partners Asset Management, Causeway Capital Management and Bluebell Capital Partners have called for changes.

“The underperformance of Danone’s share price has been driven, in our view, by a combination of poor operational track record and questionable capital allocation choices,” Bluebell wrote in a November letter to Danone’s lead independent director, Michel Landel.

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