Danone boost on China baby formula

Danone’s sales of baby milk formula in China rose strongly in the third quarter, beating forecasts and sending the French food company’s shares to a record high. 

The company published its strong sales figures as Le Monde reported that chairman Franck Riboud is to stand down and hand over to chief executive Emmanuel Faber who will become CEO and chairman.

The company is the latest consumer goods group to come under investor pressure to improve results and it needs to deliver on a profit margin target it recently set.