PepsiCo is reportedly nearing a settlement with activist investor Elliott Investment Management who sought changes at the company in September to reverse a slump in sales.

The Wall Street Journal reported on Thursday, citing people familiar with the matter that an announcement could come soon. Details of the settlement could not be learnt, it added.

The newspaper reported in September that Elliott Investment Management is planning to push PepsiCo to make changes in an attempt to boost its stock price after building a nearly $4 billion stake in the beverages and snacks company. Elliottt was pushing the company to refranchise its bottling business and make other changes.

The beverage and snacks giant has been grappling with slowing sales for its traditional drinks and snacks as customers become increasingly cautious about their lifestyle and food preferences, prompting it to acquire the probiotic soda brand Poppi. 

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