Billionaire Peltz has not given up on Pepsi split

Trian pushes PepsiCo split

Nelson Peltz is taking his bid to split up PepsiCo to its shareholders, the co-founder of Peltz's Trian Fund Management told CNBC on Wednesday.

Peter May—the billionaire Peltz's right hand man and president of Trian—told CNBC's "Squawk Box" that those conversations "are going extremely well" so far.

Last month, Pepsi's board again rejected Peltz's renewed call to split the floundering beverage business from its flourishing snacks division.

Peltz and Trian believe a spinoff would boost sales and margins in the snacks business, while the drinks business would generate stable flow of cash that could be returned to shareholders.

Trian owns about $1.2 billion of PepsiCo stock.

—By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC. Reuters contributed to this article.