Nestle to buy back $21 billion in its own stock by 2020

Nestle says it plans to spend about $21 billion to buy its own stock in the next three years as the food and beverage giant seeks to boost shareholder value.

The Swiss food and beverage giant also said Tuesday that that after a review of its wide-ranging business, it will mostly focus on high-growth areas, such as coffee, pet care, baby food and bottled water.

Nestle says it may adjust its portfolio of brands to fit in with its new strategy. Earlier this month, the company said it may sell its U.S. candy business, which makes the Butterfinger and Crunch bars.

The moves come after news reports this week said that activist shareholder Third Point was pushing Nestle to sell its stake in French cosmetics company L'Oreal.