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Nestle Plans US$20.8B Share Buyback after Third Point Pressure

Nestle plans to buy back as much as 20 billion Swiss francs (US$20.79 billion) worth of shares by June 2020, the Swiss food giant said on Tuesday as it responds to pressure brought by U.S. activist shareholder Third Point LLC. The New York-based hedge fund, controlled by billionaire investor Daniel Loeb, disclosed a US$3.5 billion stake in the company on Sunday and is pushing for Nestle to more aggressively boost performance...

Mentions: CEO Hedge Fund