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Dan Loeb’s Third Point builds stake in Colgate, sees value in pet food business in potential spinoff

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Daniel Loeb
Simon Dawson | Bloomberg | Getty Images

Dan Loeb’s Third Point has built a stake in consumer giant Colgate-PalmoliveDavid Faber.

Loeb sees hidden value in Colgate’s subsidiary Hill’s Pet Nutrition, a pet food company, if it were spun off.

The activist and hedge fund manager added that consolidation in the consumer health sector point to more opportunities for Colgate.

Shares of Colgate jumped nearly 3% on Tuesday. The stock is still down about 15% this year.

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