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Nestle plans $20.8 billion share buyback after Third Point pressure

Posted by: Admin | Posted on: June 27th, 2017 | 0 Comments

ZURICH Nestle (NESN.S) plans to buy back as much as 20 billion Swiss francs ($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 $3.5 billion stake in the company on Sunday and is pushing for Nestle to more aggressively boost performance.

Nestle said it would adjust the size of its share buyback program, due to start on July 4, to reflect any big acquisitions.

(Reporting by John Miller, editing by Michael Shields)

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