March 22 Shares of food makers Mondelez
International Inc and PepsiCo Inc rose on
Friday after a U.K. newspaper reported that activist shareholder
Nelson Peltz has been building stakes in them.
Citing sources familiar with the matter, Britain's Daily
Telegraph reported that Peltz had spent $2 billion on shares of
the companies through his investment vehicle Trian Fund
Management. The paper speculated that Peltz could then push for
a merger of the two companies.
A spokeswoman for Trian declined to comment on the report.
Spokesmen for PepsiCo and Mondelez declined to comment on rumor
or speculation, though both said they were pleased with their
current portfolios at the moment.
"We are making strong progress in our strategy to deliver
long-term growth and create shareholder value," said a PepsiCo
spokesman. "We do not see the need for any large scale M&A."
Mondelez shares were up $1.14, or 4 percent, to $29.70 on
the Nasdaq, while PepsiCo shares were up $1.65, or 2.2 percent,
at $77.80 on the New York Stock Exchange.
(Reporting By Martinne Geller in New York; Editing by Nick