PepsiCo Declines After Activist Trian Fund Eliminates Stake
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PepsiCo Inc. suffered its biggest intraday decline in more than two months after Nelson Peltz’s investment firm sold off its shares in the beverage-and-snack giant.
Peltz’s company, Trian Fund Management LP, indicated in a filing on Friday that it no longer holds a stake in PepsiCo. Trian had held 18.3 million shares, or 1.3 percent of the company, as of the end of last year.