Would Danone sell its Lifeway stake?

The relationship between long-standing business partners Danone and Lifeway Foods Inc. has soured in recent years. The kefir manufacturer – in which Danone holds a stake of around 23% – resisted multiple acquisition attempts from Danone as it felt the dairy major’s offers came short of the company’s true market potential. In 2024, Danone tabled £283m and £307m to acquire the outstanding shares in the company – including those of the CEO’s estranged relatives and shareholders, Edward and Ludmila Smolyansky – but was turned down. In 2025, Danone filed a lawsuit against Lifeway, claiming breaches of the original shareholder agreement, and then threatened to side with the Smolyanskys who had launched a consent solicitation process to force a leadership change at Lifeway. Later that summer, the two companies re-opened acquisition talks, but Danone pulled out following due diligence. Finally, in late 2025, the companies called a truce by signing a cooperation agreement, setting out a ...