© Reuters. FILE PHOTO: Colgate toothpaste is pictured on sale at a grocery store in Pasadena, California January 30, 2014. REUTERS/Mario Anzuoni (UNITED STATES – Tags: BUSINESS)
(Reuters) – Daniel Loeb’s Third Point has built a stake in toothpaste maker Colgate-Palmolive (NYSE:) Co, with the activist investor seeing value in a potential spin off of the Hill’s Pet Nutrition business, CNBC reported on Tuesday.
“Hill’s could deliver even faster growth and better margins if it were a stand-alone business,” Loeb says in a forthcoming investor letter, according to the report which cited sources.
Colgate and Third Point did not immediately respond to Reuters’ requests for comment.
Colgate-Palmolive shares rose 2.2% in morning trading.
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