PARIS, July 20 (UPI) -- France's labor minister says the government will try to prevent a hostile takeover of Groupe Danone, amid rumors that PepsiCo may try to acquire the company.
The government will try "to do everything to prevent a takeover that would be hostile," Minister Jean-Louis Borloo said on France's Europe 1 radio Wednesday.
The Financial Times reported that PepsiCo has appointed Morgan Stanley and UBS to advise it on the possible takeover of Danone, known for its yogurt, LU cookies and Evian water, among other products. In the United States, the company produces Dannon yogurt.
Borloo's remarks join those of a growing number of French politicians this week who oppose having Danone acquired by a foreign firm.
Le Parisien reported Wednesday that the Swiss company Nestle may be tapped as an alternative choice.
