Third Point Management Activist Presentation Deck
STRATEGY STILL VAGUELY DEFINED
AND PLAGUED BY INCONSISTENCIES
* Nestlé describes itself as a company focused on "nutrition, health
and wellness," but many categories and brands continue to fall
beyond that definition
Nestlé highlights coffee, pet, nutrition, and water as key
categories, but nearly half of the portfolio sits outside those
categories
Making acquisitions across diverse range of new categories (e.g.
vitamins & supplements, roast & ground coffee, meal kits)
Lack of transparency and broad category definitions (in financial
reporting) mask underperformance of various businesses
Operates complicated series of joint ventures and partnerships
→ Unable to articulate a compelling strategic rationale for continued
ownership of L'Oréal
Source: Third Point LLC; Nestlé company materials
THIRD POINT
Nestle
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