Bill Ackman takes stake in Mondelez

The maker of Oreo cookies may again be the target for a shake-up as “Big Food” companies scramble to transform amid changing tastes.

Activist investor Bill Ackman’s Pershing Square said it took a 7.5% stake in snack maker Mondelez International Inc. that was worth about $5.5 billion. The disclosure comes as Mondelez, which also makes Ritz crackers, Cadbury chocolates and Trident gum, had already been slashing costs to offset weak growth.

Such cost-cutting has become common for major packaged food companies, which are up against volatile economic conditions overseas and shifting tastes that favor foods marketed as fresher or more natural. To appease investors, companies including Campbell Soup, Coca-Cola, General Mills, Kellogg and PepsiCo have said they would trim costs and free up more money for marketing to drive up sales of their flagship brands.

The struggles have also led a flurry of corporate restructuring and deal-making that is reshaping the industry. That has included acquisitions of smaller, fastergrowing companies, as well as consolidation among big players intended to further reduce costs by combining functions like manufacturing and distribution.

In a regulatory filing Thursday, Ackman’s Pershing Square Capital Management said that it thinks Mondelez’s stock is undervalued and that it intends to “engage in discussions” with the company on matters such as its strategic plans, which include “potential mergers, acquisitions, divestitures, or a sale.”

A representative for Mondelez, Valerie Moens, said the company welcomes Pershing Square as an investor.

“We’ll continue to focus on executing our strategy and on delivering value for all shareholders,” she said.

Mondelez shares rose 52 cents, or 1.1% to $46.81.