The beverage and snack giant rejected a proposal by activist investor Nelson Peltz to spin off its ailing N. America beverage unit. Peltz wants PepsiCo (PEP) to focus on its snacks division, which includes brands like Lays and Doritos. Peltz also recommended that it buy Kraft spinoff Mondelez (MDLZ). Soda sales have been falling as people look for more healthy options. Pepsi's Q4 EPS fell 4% to $1.05, but still beat views by 4 cents. Sales rose 0.8% to $20.11 bil, slightly under views for $20.15 bil. Pepsi raised its annual dividend 15% to $2.62. Shares fell 2.2% to 79.69.