Activist Investor Elliott Builds $4 Billion Stake in PepsiCo (2)

Activist investor Elliott Investment Management has built a stake of about $4 billion in PepsiCo Inc., with plans to call for changes at the struggling beverage maker.

The position makes it one of PepsiCo’s largest investors, the activist said Tuesday in a letter to the company board of directors. PepsiCo said will review Elliott’s perspectives in the context of its growth strategy, which it said is positioned to accelerate growth and deliver long-term value for shareholders.

The soda-and-snacks maker has struggled in the face of competitive pressure and changing consumer tastes, with its market value plunging more than 20% ...