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Trian’s Peltz Says He Thinks Pepsi Should Buy Mondelez

Trian Fund Management LP’s Nelson Peltz said he wants PepsiCo Inc. (PEP) to buy Mondelez International Inc. for $35 to $38 a share in an all-stock deal.

“Pepsi is at a crossroads at this time,” with a cash business and a growth business, Peltz, Trian’s chief executive officer, said today at the CNBC Institutional Investor Delivering Alpha Conference in New York. Pepsi's CEO “inherited a structure that we don’t think works anymore,” he said.

If Pepsi isn’t interested in buying Mondelez, plan B should be to separate beverages from the Frito business, he said.

To contact the reporter on this story: Beth Jinks in New York at

To contact the editor responsible for this story: Elizabeth Wollman at

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