Will Peltz Push Pepsi To Split?

The possibility of significant restructuring at US snack and drink giant PepsiCo has increased following the revelation that activist investor Nelson Peltz has built a US$150mn stake in the business. The news that Peltz has acquired 2.36mn PepsiCo shares through his Trian Fund Management operation was revealed in a US securities filing and represents the first time that Peltz has shown an interest in the firm. PepsiCo currently trades at a discount to other US food and drink producers (see chart) and BMI has previously argued that it would likely be valued higher if it were to split into two

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