(Reuters) -Elliott Management had taken a $4 billion stake in beverages giant PepsiCo ( PEP ) and was planning an activist campaign to boost the company's share price, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

PepsiCo's ( PEP ) shares jumped about 5% in premarket trading.

The move comes at a time when the company is tackling choppy demand for its snacks business, and working through shifting consumer preferences to healthier drinks and sodas.

Elliott and PepsiCo ( PEP ) did not immediately respond to Reuters requests for comment.