July 1, 2018 / 9:14 PM / a year ago

Loeb's Third Point urges Nestle to split into three units -letter

BOSTON, July 1 (Reuters) - Billionaire investor Daniel Loeb on Sunday urged Nestle to split itself into three divisions, telling the Swiss group’s board that it needs to be “sharper,” “bolder,” and “faster” in overhauling the company.

Loeb, whose hedge fund Third Point has invested more than $3 billion in Nestle, said in a letter to the board that the company should divide itself internally into three units - beverages, nutrition and grocery in order to help “simplify its overly complex organizational structure.”

“This is a call for urgency – rather than incrementalism,” Loeb wrote in the letter, which was seen by Reuters. (Reporting by Svea Herbst-Bayliss Editing by Paul Simao)

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