DANONE (UP, TP EUR59.0): We believe Danone's primary rationale for wanting to acquire WhiteWave is a belief that plant-based milk alternatives offer a long-term structural growth opportunity. In our view, the rest of WhiteWave's portfolio offers neither the growth, nor the synergies, nor sufficient 'strategic alignment' to justify the premium Danone is paying. Having initially been developed for lactose intolerant consumers, if plantbased milk alternatives are on the cusp of becoming mainstream lifestyle products, then the advantages of buying the market leader in N America/Europe are obvious, particularly given the scope for Danone to accelerate the roll-out of the Alpro brand in Europe.