Activist investor targets 'staid' Nestle for change
Daniel Loeb's Third Point unveils a stake of more than 1% in Nestle; calls for latter to sell its holdings in L'Oreal
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Zurich
ACTIVIST investor Daniel Loeb's Third Point LLC on Sunday unveiled a stake of more than one per cent in Switzerland's Nestle SA and urged the world's largest packaged foods maker to improve its margins, buy back stock and shed non-core businesses.
The 3.28 billion Swiss franc (S$4.6 billion) stake is the largest taken by the hedge fund, which pressed for change in recent years at US Internet firm Yahoo and Japan's Sony Corp.
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