Pepsi shares are slipping after Nelson Peltz liquidated his position

Activist hedge fund manager Nelson Peltz has sold his stake in PepsiCo.

Shares in PepsiCo were down 1.5% around 3:20 pm Friday.

At the end of last year, Trian held a nearly $2 billion stake in the company, according to The Wall Street Journal.

Peltz took a stake in PepsiCo three years ago and pushed the company to break itself up.

The stock has gone from around the $70 mark in late 2013 to around $105 today.

Trian is also an investor in Mondelez International, and Peltz has previously pushed for that company to buy some of PepsiCo’s businesses.

Here’s the statement from Trian:

In March 2016, Trian sold its stake in PepsiCo, which it held for over three years. Trian believes PepsiCo has addressed many operational issues identified by Trian — management has increased productivity efforts, reduced overhead, increased advertising investment, and delivered consistent earnings growth on a constant currency basis. The market has viewed these developments positively and PepsiCo currently trades at a substantially higher multiple than at the time of Trian’s initial investment in late 2012. Trian wishes PepsiCo’s management every success.

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