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PepsiCo has settled with the activist firm Elliott and will review its supply chain in North America, it said on Monday.

Why it matters: PepsiCo said it will trim its portfolio by 20%, presumably bringing brands to the block. 

The agreement doesn't include board seats for the activist firm.

Zoom in: "Today, we are announcing our plans and initiatives that aim to accelerate organic revenue growth, deliver record productivity savings and improve core operating margin," said PepsiCo CEO Ramon Laguarta in a press release.

Catch up quick: Elliott wants to shake up Pepsi's portfolio as the company confronts stingy snackers.

The activist disclosed a $4 billion stake in September and told the food giant to consider franchising its bottling business, shedding some brands and buying products in the health and protein space.

In October, Laguarta called talks with Elliott "constructive."

By the numbers: In a release, PepsiCo said it expects the company's 2026 organic revenue to grow between 2% and 4%.

State of play: Breakups are on the menu for some of the largest food companies.

In September, Kraft Heinz split into two publicly traded companies: Global Taste Elevation Co. and North American Grocery Co.

Unilever could sell some of its food assets in Europe, including the Hellmann's and Knorr business, sources have told Axios Pro.

Pepsi settles with Elliott, will trim 20% of SKUs

PepsiCo's shakeup will presumably bring brands to the auction block.

Illustration of a pattern of beer can tabs.

PepsiCo has settled with the <a class="gtmContentClick" data-vars-link-text="activist firm Elliott" data-vars-click-url="https://www.axios.com/pro/merger-deals/2025/09/02/elliott-pitch-breakup-pepsi-portfolio" data-vars-content-id="e52e48fc-cbc8-4408-87dc-589b2c1600f1" data-vars-headline="Pepsi settles with Elliott, will trim 20% of SKUs" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/merger-deals/2025/09/02/elliott-pitch-breakup-pepsi-portfolio" target="_self">activist firm Elliott</a> and will review its supply chain in North America, it said on Monday.Why it matters: PepsiCo said it will trim its portfolio by 20%, presumably bringing brands to the block.

Pepsi settles with Elliott, will trim 20% of SKUs

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