Third Point, a Hedge Fund, Sets Its Activist Sights on Nestlé
RisingWorld
2017-06-27
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Third Point, a Hedge Fund, Sets Its Activist Sights on Nestlé
In a letter to investors sent on Sunday, his Third Point hedge fund argued
that Nestlé, a Swiss conglomerate whose wares range from candy to baby food to pet food, should sell its stake in L’Oréal and sell off nonessential operations as part of a broad shake-up.
But the hedge fund argued that Nestlé should also sell its 23 percent stake in L’Oréal, the big cosmetics
maker whose products include its namesake beauty brand and luxury products like Kiehl’s.
Third Point disclosed that it owned about 40 million shares in Nestlé, a stake that amounts to about $3.5 billion in stock.
In a letter to investors sent on Sunday, his Third Point hedge fund argued
that Nestlé, a Swiss conglomerate whose wares range from candy to baby food to pet food, should sell its stake in L’Oréal and sell off nonessential operations as part of a broad shake-up.
But the hedge fund argued that Nestlé should also sell its 23 percent stake in L’Oréal, the big cosmetics
maker whose products include its namesake beauty brand and luxury products like Kiehl’s.
Third Point disclosed that it owned about 40 million shares in Nestlé, a stake that amounts to about $3.5 billion in stock.
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