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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

Published Mon, Jun 26, 2017 · 09:50 PM
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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.

Third Point disclosed the Nestle position in a letter to the hedge fund's investors, in which it argued that the food company sho…

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