PepsiCo has rejected a call from activist investor Nelson Peltz to separate its global drinks division from its snack unit, which includes the Fritos, Lay’s and Tostito’s brands.
The Purchase, N.Y., company’s presiding director, Ian Cook, told Peltz that much of the data his investment firm, Trian Partners, used in making its argument is “selective and, in many instances, misused.”
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