Activist Investor Nelson Peltz renewed his crusade to persuade PepsiCo to spin off its slow-growing beverage business from its flourishing snacks division, less than a week after the company poured cold water on the idea.

In a 37-page letter to PepsiCo's board made public on Thursday, Peltz urged the company to spin off its beverage business and focus on its billion-dollar snack business to create "two leaner and more entrepreneurial companies."

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