ZURICH Nestle plans to buy back as much as 20 billion Swiss francs ($20.79 billion) worth of shares by June 2020, the Swiss food giant said on Tuesday as it responds to pressure brought by U.S. activist shareholder Third Point LLC.
The New York-based hedge fund, controlled by billionaire investor Daniel Loeb, disclosed a $3.5 billion stake in the company on Sunday and is pushing for Nestle to more aggressively boost performance.
Nestle said it would adjust the size of its share buyback programme, due to start on July 4, to reflect any big acquisitions.
($1 = 0.9618 Swiss francs) (Reporting by John Miller, editing by Michael Shields)
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Updated Date: Jun 27, 2017 23:15:05 IST