ADVERTISEMENTHowever, three long-term investors said that separating bottling is costly and could take years, further weighing on PepsiCo’s margins and earnings over that time. Ongoing ConversationsElliott and PepsiCo are having ongoing conversations about Elliott's proposal, said a source close to the matter who was not authorized to publicly speak about it. PepsiCo said it maintains an active dialogue with shareholders and that it will review Elliott's presentation. Investors and analysts viewed more favorably Elliott's suggestion that Pepsi lose some of its smaller brands. "It's a cost the company has to bear without immediate return on invested capital," said Dave Wagner, portfolio manager at PepsiCo shareholder Aptus Capital Advisors.