PepsiCo says it met with Nelson Peltz's Trian Fund Management, which has
recently increased its stake in the U.S. snack and beverage giant.
Peltz is known as an activist investor, which has spurred speculation that he may be seeking to place himself on the board at PepsiCo or force the company to spin off its Frito Lay division, The New York Times reported Friday.
Speculation is also swirling around Trian's stake in Kraft spin off Mondelez International, as regulator filings have revealed that Trian has taken a $494 million stake in Mondelez.
Taking the next step, Peltz could be attempting to play matchmaker between Frito Lay and Mondelez, some have speculated.
"In recent weeks, we have held meetings with Trian to discuss and consider their ideas and initiatives as part of our ongoing evaluation of all opportunities to drive long term growth and shareholder value. Trian is a respected investor, and we look forward to continuing constructive discussions with them," PepsiCo said in a statement.
At this point, Trian has a $2.7 billion position in PepsiCo and Mondelez, the Times said.
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