Nestle plans share buyback after pressure from billionaire

Billionaire Dan Loeb has already managౠed to extract a few sweeteners from Nestle.

The world’s largest packaged foods company, under pressure from Loeb’s hedge fund to sell off assets, said Tඣuesday it will begin a nearly $20 billion 𝓀share buyback program beginning next month, which will extend over the next three years.

The chocolate conglomerate ܫalso said that it will train its focus on “high-growth” food and beverage categories such as coffee and bottജled water.

Nestle’s announcement comes just two days a🐟fter Loeb’s hedge fund Third Point disclosed a $3.5 billion stake in the company — its largest investment ever.

Loeb bemoaned the company’s “staid” corporate culture in a letter sent to investors Sunday evening. Still, the hedgie appeared to offer support for recently-appointe🧔d CEO Ulf Mark Schneider, citing his “impressive track record” in his prev💎ious role as CEO of a German medical supply company.

The hedge fund’s eight-page letter may have been enough to get the ball ro🤪lling.

Loeb said Nestle should re-evaluate its brand portfolio, applauding its already-announced𝓰 plans to consider a sale of its US candy business. Loeb also pushed for the company to consider share buybacks and selling its 29 percent stake in L’Oreal.

Representatives for Third 🅰💯Point declined to comment.

Shares of Nestle were up 1.3 per💦cent at $89.32 in afternoon trades.