Danone in bid to buy Numico

Paris: Danone has made an offer worth €12.3bn (£8.3bn) for Numico, the company behind babyfood brand Cow & Gate. The €55 (£37)-a-share deal was a 44% premium on Numico's average closing price over the past three months and would be unanimously recommended by Numico's board of directors, Danone said. "The combination of the two groups will create a unique food company," said Franck Riboud, chairman and CEO of Danone. "With this project, we are designing a new Groupe Danone, enhancing dramatically its growth profile and potential for the years to come." Last week, Danone agreed to sell its biscuits business to Kraft Foods for €5.3bn (£3.5bn).