Nestle Targeted by Dan Loeb in Activist‘s Biggest-Ever Bet
Third Point, Loeb‘s hedge fund, owns about 40 million shares in the Vevey, Switzerland-based company, according to an investor letter released Sunday after Bloomberg first reported the position. The fund encouraged Nestle to sell its stake in cosmetics maker L‘Oreal SA, increase leverage for share buybacks and adopt a formal profitability target, among other suggestions. The shares rose as much as 4.8 percent in Zurich, the biggest intraday advance since January 2015.
„It is rare to find a business of Nestle‘s quality with so many avenues for improvement,“ wrote Third Point, which holds a 1.3 percent stake.
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