Mark Schneider(pic), the company's new chief executive, has been trying to reignite growth at the company since joining Nestle in January from German healthcare group Fresenius
NEW YORK: Dan Loeb has amassed a US$3.5bil stake in Nestle SA, targeting Europe’s largest company in the biggest bet of his two-decade career as an activist investor.
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.
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