`We have a big pond to play in'

The article comments on PepsiCo Inc.'s plans to cash in on changing eating habits in fast-industrializing parts of the world. PepsiCo has broadened its horizons, because its chances are nil of dislodging Coca-Cola from its lofty perch. As far as that competition is concerned, the market has already made its judgment. It values Coca-Cola's common shares at $57 billion, nearly twice PepsiCo's. Today beverages make up just 35% of PepsiCo's business and slightly less than a third of operating income. INSETS: Report from the front, by S.L.;Global hustle, by S.L..