The $265 billion target of a notorious activist hedge fund just announced $21 billion in share buybacks
Thomson Reuters
In a statement, Nestlé said that the share buyback program of up to CHF 20 billion (roughly $21 billion) would be completed by the end of June 2020. The program is slated to start next week, on July 4.
"In the context of low interest rates and strong cash flow generation, share buybacks offer a viable option to create shareholder value," the company said.
Earlier this week, Third Point, a New York-based activist fund founded by Dan Loeb, announced that it was targeting the $265 billion Swiss company in its biggest bet yet. The fund had asked for Nestlé to engage in a round of share buybacks in conjunction with a formal leverage target.
Third Point raised $1 billion specifically for the Nestlé investment, creating the firm's first-ever special purpose vehicle, which has since closed, a person familiar with the situation earlier told Business Insider.
Third Point has been raising fresh money from investors since last year, an infrequent move for the fund, people familiar with the matter previously said.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market