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...
This is a small extract of the full article which is available ONLY to premium content subscribers. Subscribers sign-in (top right) to read the article.
Subscribe now to premium content on Cosmetics Business