潜水简介：
- Trian Fund Management has sold its stake in PepsiCo, according to a regulatory filing Friday. Trian had turned a profit of more than $500 million since buying its shares in late 2012.
- Since summer 2013, Trian urged PepsiCo to spin off its beverage business from its higher-performing snacks business. This eventually led toa truce in January 2015，当百事可乐添加Trian操作时合伙人威廉·约翰逊（William Johnson）担任公司董事会，而三角则支持了对分裂的要求。
- 根据《华尔街日报》的报道，百事可乐的股价自三角前一天的投资前一天返回49％，相比之下，标准普尔500指数的回报率为43％，可口可乐的回报率为24％。百事可乐的股价周五下跌了约2％。
Dive Insight:
Trian及其领导人亿万富翁投资者Nelson Peltz，相信投资者会受益通过允许每个细分市场采取单独的管理策略。饮料业务已被苏打水拖下来，可以在零食业务的同时支付可观的股息-and its stock price-可以自由发展，尤其是如果它与另一项三角投资蒙德勒斯合并。
Trian已经成功enacted the same strategy at Cadbury Schweppes，，，，which split into Cadbury and the Dr Pepper Snapple Group in 2008. Dr Pepper Snapple Group hasoutperformed on earnings reportscompared to its major competitors with growth in both carbonated and non-carbonated beverages. Separating from the chocolate business to adjust management perspective and strategy may have been what DPS needed to ensure a competitive future in both crowded and struggling categories.
However, PepsiCo CEO Indra Nooyi didn't back down from her belief in the company structure and that the company benefited from its larger scale. The company maintained that perspective after an "exhaustive" review in February 2014. Offering Trian the board seat a year later quieted the fund on the company split, but PepsiCo's recent performance wasn't enough to keep the fund hanging around permanently.
在最近的收益报告中百事可乐击败分析师的利润预期，，，，though earnings still fell year over year. Gross margin increased for the连续第15季度，以1.3个百分点的位置证明了百事可乐多年的削减成本工作的回报。季度收入下降了2.9％，但有机收入增长了3.5％。北美的零食和饮料的销售增长分别为3％和1.5％，但贵格会细分市场和国际业务表现不佳。据彭博社报道，截至去年年底，彭博社报道，Trian拥有1830万股股票，占百事可乐的1.3％。
Another company facing investor pressure is Mondelez. CEO艾琳·罗森菲尔德（Irene Rosenfeld）去年公开表示，，，，"我成功地运行Mondelez shareholders — without the activists’ help." If PepsiCo and Indra Nooyi can weather the demands of investors and activists, Mondelez (and others in the industry) could too.
Trian在一份声明中说：“ Trian认为百事可乐已经解决了Trian确定的许多运营问题 - 管理层提高了生产力工作，减少开销，广告投资增加，并以恒定的货币基础实现了一致的收益增长。”
