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.
Cisco agreed to buy software company AppDynamics for $3.7 billion, making this one of its largest deals recently. The American multinational technology conglomerate snapped a deal one day before AppDynamics’ IPO, where shares were scheduled to be sold to the public at a valuation of less than $2 billion.
The dollar edged down from a 14-year high against a basket of currencies on Wednesday. The greenback had surged to its highest level since late 2002 a day earlier, after US manufacturing data beat expectations.