Komfie Manalo, Opalesque Asia:
The California State Teachersí Retirement System or CalSTRS has thrown its support to activist hedge fund manager Nelson Peltzís move to shake up PepsiCo and install himself on the board of directors.
In a report published this week, Combuseceo.com said that CalSTRS, one of the largest pension funds in the U.S., wrote a letter to a senior Pepsi executive last month and urged the softdrinks maker to put Peltz on its board in a virtual support to the hedge fund managerís campaign against the company.
Peltz, founder and the chief executive officer of Trian Fund Management, owns 0.8% stake in PepsiCo and has been engaged in a bitter "war" with the firmís management since last year as he called for Pepsi to spin off its snacks business.
Early this year, the management of Pepsi rejected Peltz call and stated that after an "exhaustive review," its board made the decision not to sell the snacks business and its beverage unit would stay with the company.
Last week, Peltz told an audience of hedge fund insiders at a CNBC conference in New York that he was planning of launching a proxy war against PepsiCo.
Opalesque reported earlier that Peltz was hinting......................
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