ZURICH – Nestlé SA said Tuesday it plans to buy back up to CHF20 billion ($20.8 billion) worth of shares over three years, days after U.S. activist shareholder Third Point LLC began a campaign to boost performance at the company.
The New York-based hedge fund, controlled by billionaire investor Daniel Loeb, disclosed a $3.5-billion stake – or about 1.25% of Nestlé shares – in the company on Sunday.
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