On October 18, 2022, Third Point announced that it urged Colgate-Palmolive to spinoff pet food as Daniel Loeb's Third Point called the pet segment one of the most exciting pockets in the consumer space and said that the business could be worth roughly $20 billion if it were a standalone the Company. In addition, Daniel Loeb added that there is meaningful hidden value in the Company's Hill's Pet Nutrition business, which he believes would command a premium multiple if separated from Company's consumer assets, and the sales in Company's pet nutrition business have outpaced overall Company revenue over the last few years as consumers pay more attention to the needs of their cats and dogs.