A time frame agreed upon between PepsiCo and Trian Fund Management's Nelson Peltz to privately address the activist investor's suggestions for improving shareholder returns may be closing, according to three sources familiar with the matter.
Peltz, who has played a role in some of the global food industry's biggest deals, revealed a stake in PepsiCo in April. The soft drink and snack maker said at the time that it had held meetings with Trian "to discuss and consider their ideas." It did not say what those ideas were, though a concurrent purchase of Oreo cookie maker Mondelez International shares fueled speculation Peltz would push for a merger.
As of March 31, Trian owned 12 million shares of PepsiCo and 40.3 million shares of Mondelez, worth a combined total of $2.19 billion, according to a regulatory filing.
(Read more: Peltz builds bigger stake in PepsiCo, Mondelez)
After discussions that occurred in the spring, Trian and PepsiCo agreed on a time frame to privately consider the suggestions, which include the purchase of Mondelez, strategic options for the North American beverage business and more cost-cutting, according to the sources.