On January 1, 2021, Bluebell Capital Partners Ltd. has acquired an undisclosed stake in French food and beverage company Danone SA and is calling for governance changes. Bluebell Capital stated that it has sent a letter in November 2020 asking the Company's board to separate the CEO and chairman roles and to replace current chairman and CEO Emmanuel Faber due to the Company's disappointing stock price. In addition, Bluebell Capital stated that the underperformance of Company's share price has been driven, in its view, by a combination of poor operational record and questionable capital allocation choices.