PepsiCo Investor Renews Fight To Spin Off Beverage Unit, Buy Mondelez

A disgruntled investor in PepsiCo is once again pushing the company to get rid of its beverage unit and supersize -- by acquisition -- its snacks unit. Nelson Peltz, whose Trian Fund Management owns roughly $1.2 billion in PepsiCo stock, pushed to break up the company last year, but backed off when the board promised to perform a comprehensive strategic review. Peltz renewed his campaign when PepsiCo on February 19 said that management and directors "have spoken clearly" against a split and remain fully aligned. Peltz wants PepsiCo to spin off its underperforming beverage business and buy Mondelez International to create a global snacks giant.