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Nestle buybacks shares worth $20.8 billion

Pictured: Nestle HQ

Nestle plans to buy back $20.8 billion worth of its shares over the next three years after Third Point LLC began a campaign to boost the performance of the company.

The investment advisor, controlled by Daniel Loeb, disclosed a $3.5 billion stake in the company at the end of last week, when it started pushing Nestle to boost performance and buy back shares.

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