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Nestle says looks to shake up its portfolio of brands

LONDON, Oct 1 (Reuters) - Nestle, the world's largest food company, is working harder to manage its portfolio, its chief executive said, as some businesses have underperformed for too long.

CEO Paul Bulcke said on Tuesday that there were short lists for businesses that could be fixed and some that can not. He did not mention specific brands.

Bulcke said during a meeting with investors that another main priority was scaling back capital expenditure. Moving ahead, the company's capital expenditure should be around 4 percent to 5 percent of sales, he said. He also said the company was trying to be more efficient.

Bulcke declined to comment on Nestle's closely-watched stake in L'Oreal beyond repeating that all options were on the table.