激进投资者Elliott40亿美元入股百事，称“历史性机遇，股价有50%上涨空间”

Core Viewpoint - Elliott Management Corporation has made a significant $4 billion investment in PepsiCo, aiming to push for a strategic overhaul to improve the company's lagging performance [1] Group 1: Investment and Strategy - Elliott has become one of the top five active investors in PepsiCo, excluding index funds, and has submitted a detailed reform proposal to the board [1] - The activist investor believes that PepsiCo represents a historic opportunity to revitalize a leading global company and unlock substantial shareholder value [1] - Elliott's proposal suggests that PepsiCo could see its stock price increase by at least 50% through the proposed reforms [1] Group 2: Current Challenges - PepsiCo is facing significant operational challenges, with its core product, Pepsi, dropping to fourth place in U.S. soda sales, behind Coca-Cola, Dr Pepper, and Sprite [4] - The company's food business, which accounts for approximately 60% of total revenue, is also under pressure, with sales growth slowing since late 2022 [4] - PepsiCo's market capitalization has decreased from around $270 billion in May 2023 to approximately $200 billion [5] Group 3: Proposed Changes - Elliott's key recommendations include evaluating the possibility of refranchising its bottling network, returning ownership to independent local bottlers, similar to Coca-Cola's successful refranchising in 2017 [5] - The firm also urges PepsiCo to streamline its extensive product portfolio by divesting non-core and underperforming assets [5] - Elliott emphasizes the need for PepsiCo to provide a more specific performance improvement plan to restore market confidence [5] Group 4: Company Response - PepsiCo has stated that it maintains a constructive dialogue with shareholders and will assess Elliott's viewpoints while expressing confidence in its existing strategy for sustainable growth [3][6] - The company has already been taking measures to address challenges, including cost-cutting initiatives and strategic adjustments to improve performance [6][7] - Recent financial results have exceeded analyst expectations, and the company anticipates a rebound in weak North American demand as strategic adjustments take effect [6]