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Tuesday, May 15, 2012 8:15 PM UTC

Activist firm takes $600 million stake in PepsiCo

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Topics: From the Wires,

NEW YORK (AP) — Activist investor Ralph Whitworth says his firm has taken a $600 million stake in PepsiCo Inc., a move that could ramp up pressure on the company to make changes.

PepsiCo, based in Purchase, N.Y., has faced investor dissatisfaction in recent years over its underperforming stock price and slipping market share to Coca-Cola Co. That’s led to ongoing speculation that CEO Indra Nooyi will step down and that the company will split its soda and snacks businesses.

Whitworth, the co-founder of the San Diego-based Relational Investors, said Tuesday that his firm purchased a 0.6 percent stake in the food and beverage giant. The holding is expected to be disclosed this week in a regulatory filing with the Securities and Exchange Commission.

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Gripping photos: The people of the Turkey protests (slideshow)

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

  • In Gezi Park since March 31st, this protester, originally caught off-guard by the Government’s teargas and water cannons, went out and bought a Russian army mask from WWII, preparing for what was to come.

  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

  • People capitalize on the uprising -- selling flags, beer, gas masks, sky lanterns and spray paint to name just a few of the popular items.

  • On Monday morning, June 11, the police execute a strong offensive. Many plain-clothed police officers, like the ones seen here, clash with protesters in the side streets away from the main stand-off in Taksim.

  • The authorities seem to be most aggressive in the night, pushing protesters away from the square and park. After being teargassed this young woman catches her breath with other protesters on Siraselviler Street.

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