Mark Elwa
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Nestle Plans $8.8 Billion Buyback

Nestle, the world’s largest food company, plans to spend 8 billion Swiss francs ($8.8 billion) in its first share buyback in three years after reporting revenue growth that exceeded analysts’ estimates.

Revenue gained 4.7 percent excluding acquisitions, divestments and currency shifts in the first half, the Vevey, Switzerland-based maker of KitKat bars and Nespresso coffee said today. That compares with the 4.5 percent median of 14 analysts’ estimates compiled by Bloomberg News. Nestle said the stock repurchases will start this year and run into 2015. The shares rose as much as 3.4 percent, the biggest intraday gain in nine months.