PepsiCo has denied press reports that it is looking to acquire Groupe Danone. In an advance copy of an edition to be published today (7 July), French magazine Challenges claimed that PepsiCo has bought up a stake of about 3% in Danone, and is poised to buy the French company for between €25bn and €30bn.

Pepsi dismissed the claim that it had bought a stake in Danone as "untrue."

"Our practice is not to comment on rumours or speculation about our company or its portfolio of businesses, and we will have no further comment," PepsiCo spokesperson Mark Dollins said.

The US company has already bought 8m shares in Danone at between €66 and €72 a share, Challenges said, without naming its sources.