Dec 4 (Reuters) – Activist investor Elliott Management is close to striking a settlement agreement with PepsiCo, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Details of the settlement could not be learned, according to the report.

Elliott took a roughly $4 billion stake in the beverage and snacks giant in September, and urged PepsiCo to boost its share price, revive its soda business and become more competitive.

PepsiCo and Elliott Management did not immediately respond to a Reuters’ request for comment on the WSJ report.

PepsiCo CEO Ramon Laguarta said in October that the company’s interactions with Elliott had been collaborative, and that he agreed with the activist investor about its undervaluation.

Laguarta added at the time that many of El

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