(Reuters) -Elliott Management has taken a $4 billion stake in PepsiCo and is planning an activist campaign to boost the company’s share price, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The company has been tackling choppy demand for its snacks business, and working through shifting consumer preferences to healthier drinks and sodas by investing in beverages companies such as energy drink maker Celsius.
PepsiCo’s stock, which has lost about a quarter of its value since hitting a record high in May 2023, jumped about 5% in premarket trading.
Elliott has previously led activist campaigns at companies such as Honeywell, where it orchestrated a break-up of the heavy machinery maker, and Starbucks, where it pushed for a change in leadership.
Elliott and PepsiCo did not immediately respond to Reuters requests for comment.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Maju Samuel and Saumyadeb Chakrabarty)
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