Loeb’s Third Point Targets ‘Staid’ Nestle For Change

(Reuters) Activist investor Daniel Loeb’s Third Point LLC on Sunday unveiled a stake of more than 1 percent in Switzerland’s Nestle SA (NESN.S) and urged the world’s largest packaged foods maker to improve margins, buy back stock and shed non-core businesses.

The 3.28 billion Swiss francs ($3.4 billion) stake is the largest ever taken by the hedge fund, which pressed for change in recent years at U.S. internet firm Yahoo and Japan’s Sony Corp (6758.T). It said in a letter posted on its website that it had already had productive conversations with Nestle management.

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