Third Point, a Hedge Fund, Sets Its Activist Sights on Nestlé<br />In a letter to investors sent on Sunday, his Third Point hedge fund argued<br />that Nestlé, a Swiss conglomerate whose wares range from candy to baby food to pet food, should sell its stake in L’Oréal and sell off nonessential operations as part of a broad shake-up.<br />But the hedge fund argued that Nestlé should also sell its 23 percent stake in L’Oréal, the big cosmetics<br />maker whose products include its namesake beauty brand and luxury products like Kiehl’s.<br />Third Point disclosed that it owned about 40 million shares in Nestlé, a stake that amounts to about $3.5 billion in stock.
