Sept. 2 (UPI) -- Activist investor Elliott Investment Management took a $4 billion share of PepsiCo, citing an opportunity to improve the beverage giant's fortunes.
Elliott said in a press release that it sent a letter to Pepsi's board, saying it saw the potential to "re-accelerate growth and boost financial performance through greater focus, improved operations, strategic reinvestment and enhanced accountability."
Shares of PepsiCo spiked about 4% Tuesday morning on the announcement, CNBC reported. The stock had been down about 2%, which was lagging behind the market and its closest rival Coca-Cola.
Elliott, founded by hedge-fund billionaire Paul Singer, is considered a "vulture capitalist" company, which buys distressed businesses in the hopes of making them more profitable and then selling them for a profit.
The group sent a presentation to the PepsiCo board listing the ways PepsiCo can recover.
