Activist Daniel Loeb steps up pressure on Nestlé to reorganize it



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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.

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