[ad_1]
Daniel Loeb, the hedge fund tycoon known for his aggressive investment positions, stepped up pressure on Nestlé on Sunday, calling on the board of directors of the global food giant to split the company into three divisions.
In a letter, Mr. Loeb noted that his hedge fund, Third Point, had invested more than $ 3 billion in Nestle, and called on the board to be bolder and more "quick" in reimagining the society.
Loeb stated that Nestlé, a Swiss conglomerate whose products range from treats to pet food, should be reorganized into three units: beverages, nutrition and groceries.
The letter was the last salvo in a battle to reform Nestle. "It's a call for urgency," Loeb wrote, saying the company has not moved with enough speed to get rid of its less profitable divisions. Mr Loeb has already lobbied Nestle arguing that he should sell his stake in L'Oréal, the cosmetics manufacturer.
Although Nestlé "took action consistent with our suggestions," writes Mr. Loeb, "the pace" We are concerned that Nestle does not fully appreciate the rapid changes in consumer behavior that threaten its future. "
Nestlé did not immediately respond to
A little over a year ago, Third Point revealed its stake in Nestlé, a major part of the portfolio global hedge fund.
Such bold measures have become the signature of Mr. Loeb, one of the most visible activist investors in the world and a hedge fund manager who has launched himself in pursuit of big companies like Dow Chemical and Sony. Investors like Mr. Loeb have increasingly taken large companies and tried to push them to sell or break to support stock prices.
Jana Partners, for example, helped Whole Foods Market sell to Amazon, a transaction valued at $ 13.4 billion.
Source link
