Crunch time

Billionaire Dan Loeb has already managed to extract a few sweeteners from Nestlé.

The packaged foods company, under pressure from Loeb’s Third Point hedge fund to sell off assets, said Tuesday it will begin a nearly $20 billion share buyback program beginning next month and extending over three years.

Nestlé also said it will train its focus on “high-growth” food and beverage categories such as coffee and bottled water.

The announcement comes just two days after Third Point disclosed a $3.5 billion stake in the company.

Loeb bemoaned the company’s “staid” corporate culture in a letter sent to investors Sunday.

He said Nestlé should reevaluate its brand portfolio, applauding its already-announced plans to consider selling its US candy business. Loeb also pushed for the company to sell its 29 percent L’Oréal stake.

Shares of Nestlé closed down 1.6 percent, at $84.30, for the day.