Analysts speculate that the reorganization of the bottling business, which is expected to bring in revenues of $6.4 billion this year, is the prelude to a spin-off of those operations.

However, PepsiCo spokesman Brad Shaw denied that it was considering such a move. Instead, he said the growing bottling operations deserved the attention of a "separate and dedicated management team."

Part of the skepticism of Pepsi's intentions is due to its recent spin-off of its three fast-food operations: Pizza Hut, Taco Bell and KFC. After denying for months that it would let go of those restaurant chains, the company announced plans to do just that in January.

Michael Branca, beverage analyst for Lehman Brothers, pointed out that Pepsi performed a similar reorganization of its restaurant businesses six months before it spun off those operations.

The move would be a wise one, said Branca, who explained he thought a spin-off would "insure a growth-oriented beverage business with greater capital-raising ability."

While companies like Coca-Cola Co. sell concentrate to bottling companies, such as Coca-Cola Enterprises, in which it holds a 44 percent stake, PepsiCo is its own biggest bottler, although it does sell concentrate to outside firms.

Shares of PepsiCo rose 1 to 37-3/4 in Monday trading on the New York Stock Exchange.