PepsiCo stock: major reason its beverage unit has trailed Coca-Cola for years

Core Viewpoint - Activist investor Elliott Management claims that PepsiCo's North American beverage unit has consistently underperformed Coca-Cola due to its vertically integrated bottling operations [1] Group 1 - Elliott Management highlights that PepsiCo's North American beverage unit has lagged behind Coca-Cola for several years [1] - The underperformance is attributed to the structure of PepsiCo's bottling operations, which are vertically integrated [1]