Nestle plans to buy back as much as 20 billion Swiss francs ($20.8 billion) worth of shares over three years, it said on Tuesday, days after U.S. activist shareholder Third Point 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 in the company late on Sunday when it started pushing for Nestle to more aggressively boost performance and buy back shares.
