Investor Nelson Peltz has released a white paper from his Trian Fund Management LP that suggests PepsiCo offer to buy Mondelez International, the maker of Oreos and other candy, and add these to its own snack offering. Trian, which owns more than $1.3 billion in PepsiCo shares and a stake in Mondelez, also suggests PepsiCo spin off its drink business that includes Gatorade, Tropicana and Pepsi soft drinks. PepsiCo said it is not considering any large deals and has no plans to spin off its drink operations.

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