Prominent activist investor Elliott Investment Management is nearing a settlement agreement with PepsiCo (PEP) after taking a large stake in the beverage and snacks behemoth in September.
Details of the settlement weren’t known, though an announcement could happen soon, according to a WSJ report on Thursday, which cited people familiar with the matter.
A potential settlement comes after Elliott took a $4 billion stake in PepsiCo (PEP) in September and pushed for engagement with the company’s board. Elliott wants PepsiCo to evaluate refranchising its bottling network, and divesting non-core and underperforming assets.
PepsiCo (PEP) in October announced that its chief financial officer was retiring and being replaced by former Walmart U.S. CFO Steve Schmitt.