Loeb’s Third Point Wants Colgate-Palmolive to Unload Pet Business

Activist investor Dan Loeb has taken a stake in Colgate-Palmolive Co. and is pushing for the consumer-products giant to divest its Hill’s Pet Nutrition division and consider unloading other brands.

Loeb’s Third Point has built a position worth roughly $1 billion in the New York-based company, and is working in collaboration with Toms Capital Investment Management on the investment, according to people familiar with the matter.