Nelson Peltz is nothing if not persistent.
Months after a mainly solo effort to get PepsiCo to split its snacks business from its beverage unit so it could then buy Mondelez failed, the activist investor appears to be tilting at the same windmill, sources tell The Post.
Peltz’s Trian Fund Management has reached out to some of PepsiCo’s largest shareholders in the last several weeks to gauge how much support there is for such a move, these sources said.
If he finds support, Peltz may even attempt to gain a PepsiCo board seat, sources familiar with effort said.
The 71-year old investor ‘s repeated attempts to force the hand of PepsiCo CEO Indra Nooyi into the split and acquisition of Mondelez, the maker of Oreo cookies and other popular snack brands, are simply a way for him to make money off his Mondelez bet, a large PepsiCo shareholder, skeptical of Peltz’s plans, told The Post.
Peltz owns 2.3 percent of Mondelez.
Nooyi said during the company’s July earnings call that PepsiCo could undertake some smaller, “tuck-in” acquisitions of $500 million or less but did not foresee any larger deals.
To be sure, the effort by Peltz faces many roadblocks, none the least of which are the opposition to the plan by large shareholders like BlackRock plus structural differences – like how to merge Mondelez’s unionized work force with the non-union workforce of PepsiCo’s Frito-Lay.
Since Peltz went public with his PepsiCo split and polish plan on July 17, PepsiCo shares are down 5.2 percent while the S&P 500 is up nearly 1 percent. In 2013, PepsiCo shares have performed better, rising 16.4 percent, but still trail the 18.5 percent gain for the S&P.
Some feel PepsiCo shares could be in even worse shape without the veteran investor.
“If Peltz says I’m going away, the stock could drop 9 percent,” a source said.
PepsiCo declined to comment specifically on Peltz but, through a spokesman, noted, “We have a strong growth strategy and structure in place, and our results to date and returns to our shareholders prove that we are a high performing company and our strategy is working.”
“We are confident in our ability to deliver long-term shareholder value as an integrated food and beverage company.”
Peltz declined comment.