Steve Marcus/Reuters
- Billionaire investor Daniel Loeb is stepping up his pressure on food group Nestle.
- Loeb, whose Third Point Management has built a stake in Nestle, has set up a website with a 34-page presentation outlining critiques of the consumer goods company and calling for change.
- Loeb wants Nestle to internally divide into three units, spin-off non-core businesses, and appoint an outsider with food and beverage expertise to its board.
BOSTON (Reuters) - Billionaire investor Daniel Loeb on Sunday stepped up pressure on food group Nestle, in a letter that urged its board to be "sharper," "bolder" and "faster" in spinning off businesses and untangling its complex management structure.
"This is a call for urgency – rather than incrementalism," said Loeb's letter. It came with a 34-page presentation with recommendations and critiques. Third Point, the $18 billion hedge fund which has invested more than $3 billion in Nestle, also launched website https://ift.tt/2MDm00w to push its case.
See the rest of the story at Business Insider
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