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Danone chair and CEO Emmanuel Faber finds himself under growing pressure as activist shareholders push for change at the world’s largest yoghurt maker. The big problem is there may be no quick solution.

The Evian maker is expected to report its first drop in comparable sales in at least three decades on Friday. That contrasts with Nestle and Unilever, which had growth despite the pandemic. Danone’s exposure to bottled water means it is suffering more from Covid-19 restrictions on restaurants, and the company’s baby-food business is facing weakness amid lower birth rates...

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