Nestle plans share buyback, seeks deals amid pressure

Zurich

NESTLE plans a 20 billion-franc (S$29 billion) share buyback and said it's on the hunt for acquisitions, just days after activist investor Dan Loeb disclosed a stake in a bid to shake up the world's largest food company.

Nestle will funnel investment into coffee, pet care, baby food and bottled water and pursue opportunities in consumer healthcare as it starts its biggest buyback in a decade, the Vevey, Switzerland-based maker of Gerber baby food and DiGiorno pizza said in a statement on Tuesday.