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Shares of Kraft Foods Inc. (NYSE: KFT) jumped 6% yesterday on reports from CNBC that activist investor Nelson Peltz has accumulated a 3% stake in the company.

Peltz is expected to urge Kraft to sell the Maxwell House and Post brands and to improve the Kraft cheese business. Peltz may also push for more share buybacks.

Peltz was instrumental in Cadbury Schweppes PLC (NYSE: CSG) move to split its beverage and confectionery businesses and has also in the past targeted H.J. Heinz Co.'s (NYSE: HNZ), where he has two board seats.

Peltz's Trian Fund also holds positions in Wendy's (NYSE: WEN), Tim Hortons (NYSE: THI), Lions Gate Entertainment Corp. (NYSE: LGF), Chemtura (NYSE: CEM) and Tiffany (NYSE: TIF).

It was only a matter of time before some activist or shareholder stepped up on Kraft. In the past it has been rumored that William Ackman's Pershing Square could target the company and there was also a rumor that guru Warren Buffett was building a stake.

KFT 1-yr chart

KFT

Source: Kraft Foods Jumps On Reports of Peltz's 3% Stake