Activist Investor Nelson Peltz renewed his crusade to convince PepsiCo Inc to spin off its slow-growing beverage business from its flourishing snacks division, less than a week after the company poured cold water on the idea.In a 37-page letter to PepsiCo's board made public on Thursday, Peltz urged the company to spin off its beverage business and focus on its billion-dollar snack business to create "two leaner and more entrepreneurial companies."PepsiCo's snack brands include Lays, Cheetos and Doritos.Peltz said a standalone snacks business would give investors strong growth in sales, margins and free cash flow, while an independent drinks business would generate strong and stable flow of cash that could be returned to shareholders.
PepsiCo, Inc. (PepsiCo) is a global food and beverage company. Shares of PEP traded higher by 1.56% or $1.2/share to $78.30. In the past year, the shares have traded as low as $74.53 and as high as $87.06. On average, 5136890 shares of PEP exchange hands on a given day and today's volume is recorded at 6000919.
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