Third Point buys chunk of Nestle

One of America’s most high profile investors has taken a $3.5 billion (£2.7bn) chunk out of Kit Kat owner Nestle as he calls for a shake-up of the firm.

Dan Loeb’s Third Point hedge fund confirmed it holds 40 million shares – 1.3 per cent of the group. It will petition for boss Mark Schneider to implement a “bold action plan”.