An activist hedge fund has amassed a $400 million stake in yogurt maker Danone

Activist hedge fund Corvex Management is loading up on shares of Danone, the $53 billion French conglomerate that sells yogurts like YoCrunch and Activia as well as Evian bottled water.

Corvex recently bought a $400 million stake in Danone - known in the US for its Dannon subsidiary - claiming weak sales and stock performance of late have led investors to undervalue the firm, according to a Bloomberg report.

Danone stock was up more than 4% through mid-afternoon Monday.

Corvex, which is run by Carl Icahn protegé Keith Meister, isn't the only activist targeting European brands.

Third Point Capital, which is run by billionaire investor Dan Loeb, recently revealed a $3.5 billion position in Swiss food and beverage company Nestle.

So far, neither Meister nor Loeb are making aggressive moves to rankle their new European targets.

Loeb has heaped praise upon Nestle CEO Mark Schneider, and Bloomberg reports that Meister has no plans to start a public battle over Danone's management.

Read the full Bloomberg report here