A group of shareholders has cut its stake in PepsiAmericas Inc., it was reported yesterday.

The group, which includes Gabelli Asset Management Inc., filed with the Securities and Exchange Commission on Tuesday that its stake had dropped to 8.26%. The group's holding equates to the beneficial ownership of 11,915,395 shares of PepsiAmericas common stock.

In April 2002, the group reported that it held a 9.82% stake in the independent bottler, with beneficial ownership of 15,160,000 common shares.