NEW YORK (Standard&Poor's) July 18, 2013--Standard&Poor's Ratings Services said today that there currently is no immediate impact on its ratings or outlook on either PepsiCo Inc. (A/Stable/A-2) or Mondelez International Inc. (BBB/Stable/A-2) following the recently disclosed proposal by activist investor, Nelson Peltz, concerning acquisitions, spin-offs, and shareholder rewards. Mr. Peltz's Trian Fund Management LP has amassed stakes of more than $1 billion in both companies and has held talks with PepsiCo's management urging them to acquire Mondelez, to spin-off its beverage business and pay a special dividend, or for PepsiCo to divest its beverage business. We will monitor developments, including how each of the companies will respond to this request, and evaluate any potential ratings impact
