(Reuters) -Elliott Management had taken a $4 billion stake in beverages giant PepsiCo and was planning an activist campaign to boost the company’s share price, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
PepsiCo’s shares jumped about 5% in premarket trading.
The move comes at a time when the company is tackling choppy demand for its snacks business, and working through shifting consumer preferences to healthier drinks and sodas.
Elliott and PepsiCo did not immediately respond to Reuters requests for comment.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Maju Samuel)
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