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PepsiCo has had "constructive" conversations with activist investor Elliott, says CEO Ramon Laguarta, during the company's Q3 earnings call.

Why it matters: A breakup could bring household brand names like Cap'n Crunch to market.

What they're saying: "There's a lot of opportunities to improve the valuation of the company by making a few interventions with a sense of urgency," says Laguarta.

Laguarta noted that the company has had "a couple of interactions" with the firm.

"We're trying to understand each other," he says.

In a subsequent press release, PepsiCo. said it was "focusing on a strong pipeline of innovation to accelerate portfolio transformation."

Catch up quick: In September, Elliott announced that it had taken a $4 billion stake in the food giant, calling for a turnaround and citing stock underperformance.

The firm unveiled a plan to franchise the company's bottling business, pursue acquisitions in protein and health, and sell off flagging brands from Rice-A-Roni to Starry soda.

At the time, PepsiCo. said in a press release that it would review Elliott's pitch "within the context of our strategy to drive sustainable growth." 

By the numbers: PepsiCo. posted a net revenue of $23.94 billion this quarter, up 2.6%, beating expectations. Its shares ticked higher in morning trading.

PepsiCo CEO says talks with Elliott are "constructive"

A breakup could bring household brand names like Cap'n Crunch to market.

Illustration of an eye with the top of a can forming the iris and pupil.

PepsiCo has had &quot;constructive&quot; conversations with activist investor Elliott, says CEO Ramon Laguarta, during the <a class="gtmContentClick" data-vars-link-text="company&#x27;s" data-vars-click-url="https://www.axios.com/2025/02/04/pepsico-snacks-americans-health" data-vars-content-id="e4c09a0c-361f-4bf7-b08f-269969d22af8" data-vars-headline="PepsiCo CEO says talks with Elliott are &quot;constructive&quot;" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/02/04/pepsico-snacks-americans-health" target="_self">company&#x27;s</a> Q3 earnings call.Why it matters: A breakup could bring household brand names like Cap&#x27;n Crunch to market.

PepsiCo CEO says talks with Elliott are "constructive"

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