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Absolute Return's daily roundup of U.S. hedge fund news.
Investing
Dan Loeb's Third Point revealed a $3.5 billion investment in Nestle, its largest ever, and called for operational changes including spinoffs of some of its product lines. Nestle said in response that it maintains an "open dialogue" with all shareholders and is "committed" to its business strategy. Nestle shares rose to a new high on Monday after Loeb's announcement.
Sound Point Capital reportedly led a group of funds offering $1.79 billion to rescue two Italian banks, an offer that "went unanswered" by the Italian government. Britain's Co-op Bank said it is no longer pursuing its plan to sell itself but is continuing its attempt to raise capital via a cash infusion from a group of hedge fund investors. JHL Capital Group and QVT...