Rumours linking Danone to Mead Johnson have periodically surfaced over the past five years. Much of the rationale justifying such a significant move lies in Danone's strategy in key emerging markets such as China. Following a tie-up with Chinese infant formula maker Yashili International Holdings it would seem Danone is intent on developing strategic partnerships with local players to foster growth. But would a big-bang acquisition make more sense? Katy Askew reports.