Belt buckle/fastening. Think of it as a giant necklace clasp, and it will make sense.

My first thought was belt buckle clasp too, bear but then the photos made me think again.
But in the last photo, it looks as if the larger part (that says Pepsi) lifts up.
What's underneath, OP?

I have seen necklace clasps like that, although none where the flat section actually lifts up (usually, you would squeeze the clasp part to get it to fit..still took a bit of fiddling).

It kind of looks like the clasp on a suspender, but I don't think that's what it is.

Sorry I've been absent. Busy weekend around here. I'll take a second look at this little thing today & perhaps get a few more pictures.

I still have no clue what this thing is. It is flat on both sides, and has the logo on both sides. The oddly shaped thing in the middle slides in and out. I don't recall if it comes all the way out. If it does, I'll photograph it. I do know that it slides out when you press on the little golf club looking thing. You can see the nub where it latches. I have no idea what the holes and the "can opener" looking thing is for. The necklace clasp idea is interesting . . . but I'm stumped at how it would work.

When I bought this, it was in the bottom of a small "junk box". It was just the metal case with the Pepsi logo. After going through the box, I found two parts that seemed to fit inside. There's a metal "U" type thing that fits perfectly (you can just see the bottom in the photo) and the oddly shaped thing that slides in and out. I don't get the impression that the "Pepsi" halves are supposed to open up the way they do. I think it might've been secured at the bottom. You can kind of see where it was soldered or something. There are no hinges at the shoulders and it wouldn't take much movement to split the metal. The item is about the size and shape of a suspender clasp, but I'm fairly certain that's not what it is. It must have some sort of mechanical use . . . but they mystery still remains.

The spoon-like thingy makes me think of a pipe cleaner...

I`m with you gr08 on thinking that one part looks like a pipe cleaner. It even looks like it has residue on it.

Could it be a multi tasking Bottle opener/s, pipe cleaner key chain????

Just grasping at straws.