Trian Fund Management LP's CEO, Nelson Peltz, said the PepsiCo ought to buy Mondelez for around US$67.8 billion. PepsiCo is the world's biggest snack food producer and second-biggest soda producer while Mondelez is a producer of crackers and other sweet snacks. Nelson Peltz owns shares of both Mondelez International Inc. and PepsiCo Inc.

Trian's CEO said that the soft drink maker should offer Mondelez shareholders anywhere between $35 and $38 per Mondelez share in an all-stock package. Before Peltz's remarks on Tuesday, Mondelez closed at $29.87 giving the firm a market valuation of around US$53.3 billion.

"Pepsi is at a crossroads at this time with a cash business in beverages and a growth business in snacks," Peltz said in an interview with media. "PepsiCo Chief Executive Officer Indra Nooyi inherited a structure that we don't think works anymore."

Some analysts have said that PepsiCo may have to deal with heightened pressure after Peltz's remarks even though Trian Fund Management has less than 1% stake in the company.