NEW YORK, N.Y. - Activist investor Nelson Peltz says he wants PepsiCo to buy Oreo cookie maker Mondelez and spin off its own underperforming beverage unit.
During an interview on CNBC, Peltz said he talked about the proposal with PepsiCo CEO Indra Nooyi. He said he has a meeting planned with Mondelez CEO in the next couple of weeks.
PepsiCo Inc. shares rose 85 cents to $84.90 in afternoon trading.
Speculation that Peltz could push for a combination of the two snack food giants began earlier this year, with his Trian Fund Management disclosing stakes in the two companies.
The New York native is known for building stakes in companies than forcing change.
Mondelez and PepsiCo, whose financial performances have both been under scrutiny lately, have said they're happy with their current portfolios. PepsiCo makes Frito-Lay snacks.