NEW YORK (Agefi-Dow Jone)--Le dirigeant de fonds d'investissement alternatif Dan Loeb a remis la pression sur Nestlé (NESN.NB) lundi, réclamant notamment une accélération des rachats d'actions et la cession de la participation détenue dans L'Oréal (>> L'Oréal).
Nestlé a pris en compte un certain nombre de recommandations de l'investisseur activiste après l'acquisition par ce dernier d'une participation de 1,5% dans le groupe helvétique l'année dernière. Mais, dans une lettre adressée à ses clients, Dan Loeb estime que le groupe peut aller plus loin, en vendant notamment ses activités de soins de la peau ainsi que sa participation de 23% au capital du français L'Oréal.
Le patron du fonds Third Point réclame aussi une augmentation ou une accélération du programme de rachat d'actions et appelle le nouveau directeur général de Nestlé Mark Schneider à clarifier le coeur de métier du groupe, dont les dernières acquisitions ont semé la confusion parmi les actionnaires, selon lui.
Suite aux précédentes demandes de l'actionnaire, Nestlé s'est fixé un objectif de marge opérationnelle. Le groupe a également annoncé un programme de rachat d'actions de 20,8 milliards de dollars et indiqué sa volonté de dynamiser sa croissance par des cessions et des acquisitions. La semaine dernière, le groupe a annoncé la nomination de trois nouveaux administrateurs: les directeurs généraux d'Inditex et d'Adidas ainsi de l'ex directeur financier de l'entreprise de services pétroliers Baker Hughes.
"Ces mesures sont des pas importants qui vont dans la bonne direction et qui montrent que Nestlé entend les demandes (de ses actionnaires). Mais nous espérons que la compagnie va accélérer ses changements maintenant que le professeur (sic) Schneider vient de terminer sa première année et que de nouvelles têtes sont entrées au conseil d'administration", écrit Dan Loeb. Depuis son arrivée, le groupe s'est contenté d'un "petit nombre d'acquisition de faible envergure", notamment dans les médicaments sans ordonnances dont Dan Loeb a du mal à saisir l'intérêt. Quant à la vente des activités de confiserie à Ferrero, elle ne représentent qu'1% du marché américain, souligne l'investisseur.
Un porte-parole du groupe suisse a réagi en indiquant que Nestlé était "ouvert au dialogue avec tous ses actionnaires" et restait "concentré sur la mise en oeuvre de sa stratégie visant à accélérer la création de valeur".
-David Benoit, The Wall Street Journal (Version française François Schott) ed : TVA
By David Benoit
Daniel Loeb's Third Point Calls for More Change at Nestlé -- Update
Daniel Loeb's Third Point LLC ratcheted up the pressure on Nestlé SA, saying the company's portfolio needs to be further simplified.
Nestlé has already taken a number of steps recommended by Mr. Loeb, an activist investor who built up a large stake in the company last year. But Mr. Loeb, writing to Third Point investors in a letter Monday, said Nestlé could make more changes, including selling its skin-health business. He repeated a call for Nestlé to sell its large stake in cosmetics giant L'Oréal SA.
Mr. Loeb also called on new Chief Executive Mark Schneider to clarify Nestlé's focus, saying shareholders were confused by recent acquisitions.
The letter follows several months in which the two sides appeared to agree on some of the big strategic shifts needed. Indeed, Mr. Loeb acknowledged Monday that Nestlé has taken some important steps recently, pointing to new board members the company announced last week and its plans to increase margins and stock buybacks.
But the letter is the clearest sign yet that Mr. Loeb isn't completely satisfied, raising the possibility of a more public confrontation on next steps.
"These actions are important steps in the right direction that make it clear that Nestlé is responding to calls for action," Mr. Loeb wrote. "We hope now that Dr. Schneider has completed his first year and there is new blood on the Board, the company is able to move with greater alacrity."
Nestlé, which owns a medley of businesses, from frozen pizza and ice cream to skin creams and bottled water, has attracted criticism from other investors for being spread too thin at a time of rapidly changing consumer tastes and heightened competition. The company in recent years has tried to reformulate some of its most popular offerings to make them healthier. It has also looked for acquisitions more recently to help it shift focus to higher-growth food, drink and health sciences offerings, such as coffee, meat-free frozen meals and vitamins.
"We keep an open dialogue with all of our shareholders and we remain committed to executing our accelerated value creation strategy," said a Nestle spokesman. "Nestlé's board and management welcome the continued input of all shareholders."
Mr. Loeb said Monday he wants Nestlé to increase capital return to investors, calling for the company to accelerate or increase the share buyback the company has already announced, the letter said. Third Point owns about a 1.25% stake in Nestlé.
Following Mr. Loeb's previous demands, Nestlé has set a formal profit margin target, announced a $20.8 billion share buyback program and said it would use acquisitions and divestitures to drive growth. Nestlé agreed earlier this month to sell its U.S. confectionery arm.
In September, the company said it was accelerating the buyback program it originally announced in June, buying shares evenly in each of the three years to 2020, rather than backloading them in 2019 and 2020. Last week, the company said it would add to its board the chief executives of Zara owner Inditex SA and Adidas AG, as well as the former financial head of Baker Hughes, an oil-field services company owned by General Electric Co.
Mr. Loeb on Monday criticized all those moves as not being far-reaching enough, noting that the U.S. confectionery business is just 1% of Nestlé's sales, and the acquisitions have so far "been limited to a few small deals."
He also questioned Nestlé's expansion into consumer health care, saying the Vevey-based company should better explain its rationale for this.
Write to David Benoit at david.benoit@wsj.com and Saabira Chaudhuri at saabira.chaudhuri@wsj.com
