WHEN: TODAY, THURSDAY, FEBRUARY 27TH
WHERE: CNBC'S "SQUAWK ON THE STREET"
Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. All references must be sourced to CNBC.
SCOTT WAPNER: WE HAVE SOME BREAKING NEWS REGARDING NELSON PELTZ AND PEPSI AND THE ONGOING BATTLE THAT THE ACTIVIST INVESTOR IS WAGING TO TRY AND GET PEPSI TO SPLIT ITS BEVERAGE AND SNACK BUSINESS. YOU MAY RECALL THAT MID LAST WEEK THAT HE SENT THIS IS NELSON PELTZ SENDING TO PEPSI ANOTHER WHITE PAPER A TRIAN LETTER AND WHITE PAPER TO PEPSI'S BOARD AGAIN URGING THEM TO SEPARATE THE GLOBAL SNACKS AND BEVERAGES BUSINESS. INDRA NOOYI RESPONDED THAT'S PEPSI OF COURSE SAYING THAT IT HAD NO PLANS AFTER AN EXHAUSTIVE REVIEW TO DO THAT. NELSON PELTZ AND TRIAN RESPONDED THAT THEY WOULD TAKE THE CASE DIRECTLY TO INDIVIDUAL SHAREHOLDERS. IN FACT I HAVE JUST SPOKEN TO NELSON PELTZ WHO TELLS ME THAT IS UNDERWAY. HE SAID HE HAS ALREADY SPOKEN WITH SEVERAL SHAREHOLDERS AND HAVE GOTTEN POSITIVE REACTION FROM THEM. HE TELLS WE WILL RELENTLESSLY TAKE OUR CASE TO EVERY MAJOR SHAREHOLDER OF PEPSI IN THE COMING WEEKS. WE FEEL STRONGLY ABOUT OUR PLAN. THE FACTS SUPPORT OUR CASE MR PELTZ GOING ON TO SAY WE'VE GOTTEN NOTHING BUT RHETORIC FROM PEPSI WE BELIEVE IN THE STAND ALONE BEVERAGE BUSINESS IN FACT WE'RE WILLING TO BUY MORE STOCK TO SHOW IT. WE'RE ALSO WILLING TO GO ON BOARD IF ASKED. MR PELTZ TELING ME THAT THE POWER OF ONE STRATEGY THAT INDRA NOOYI AND PEPSI HAS DEPLOYED SIMPLY ISN'T WORKING. THE NUMBERS PROVE IT. THEN HE GOES ON TO SAY IN A BIT OF A DIG AT INDRA NOOYI YOU CAN CERTAINLY SAY THAT, THAT IRENE ROSENFELD'S TOTAL SHAREHOLDER RETURN IS GREATER THAN INDRA NOOYI'S. SHE OF COURSE IS THE CEO OF MONDELEZ IN WHICH NELSON PELTZ IS ON THE BOARD HOLDS A CONSIDERABLE STAKE IN THAT COMPANY. SO THIS ONGOING BATTLE BETWEEN NELSON PELTZ AND PEPSI ESCALATING A BIT RIGHT NOW. AGAIN PELTZ SAYING HE HAS TAKEN HIS CASE ALREADY TO COME OF THE LARGEST SHAREHOLDERS IN PEPSI AND HE HAS GOTTEN A POSITIVE RESPONSE FROM THEM. HE IS GOING TO BE IN HIS WORDS RELENTLESS IN THE COMING WEEKS IN SPEAKING TO MORE OF THEM. SO WE WILL CONTINUE TO WATCH THIS STORY CARL.
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