Activist hedge fund buys more than $3.5bn stake in Nestlé and presses for the company to sell its remaining 23% stake in L’Oréal
Activist hedge fund Third Point, controlled by billionaire investor Daniel Loeb, is calling on Nestlé to sell its remaining 23% stake in L’Oréal.
Third Point pushed for the sale when it announced over the weekend that it had bought a stake totalling more than $3.5bn in Nestlé, approximately 40 million shares.
Nestlé bought a 29% stake in L’Oréal in 1974 and sold 6% in 2014.
In a letter to Nestlé shareholders, Third Point said it was time for Nestlé to sell its stake in L’Oréal.
It explained: “Having L’Oréal in the portfolio is not strategic and shareholders should be free to . . .
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