Activist investor Elliott Investment Management is taking a $4 billion stake in PepsiCo, saying there’s an opportunity to revive the snack and drinks company.

Years of double-digit price increases from PepsiCo and changing customer preferences has weakened demand for its drinks and snacks, the company said in February . In July PepsiCo said that it is trying to combat perceptions that its products are too expensive by expanding distribution of value brands like Chester’s and Santitas.

Stubborn inflation has had an impact on consumer behavior and many people have cut back on the discretionary purchases that they make.

PepsiCo lowered its full-year earnings expectations in April, citing increased costs from tariffs and a pullback in consumer spending. The company reaffirmed that guidance

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