Billionaire investor Nelson Peltz has built stakes in food makers PepsiCo Inc. and Mondelez International Inc., the Daily Telegraph reported today, citing people it didn’t identify.

The size of the stakes taken by Peltz’s Trian Fund Management LP is unclear, the newspaper said, citing one person as saying that Peltz has spent at least $2 billion on his latest foray into the food industry. Peltz could push for a merger of the two companies, the Telegraph said, citing unidentified people in London.

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