Pepsi to buy 2 largest bottlers for $7.8 billion
The Atlanta Journal-Constitution
PepsiCo said Tuesday it reached agreements to buy its two largest bottlers, Pepsi Bottling Group and PepsiAmericas, for $7.8 billion.
Purchase, N.Y.,-based PepsiCo announced in April plans to buy Pepsi Bottling Group and PepsiAmericas for $6 billion, but the bottlers rejected the initial offer.
The boards of the bottlers have approved the second offer, according to a joint statement from the three companies. PepsiCo already owns large stakes in Pepsi Bottling Group and PepsiAmericas. The bid, subject to shareholder approval, would buy up the rest of the stock with either cash or shares of PepsiCo stock.
PepsiCo said the deal will allow it to cut costs across the system and respond more quickly to the market.
Atlanta-based Coca-Cola Co. and Coca-Cola Enterprises, Coke’s largest bottler, have said they have no plans to follow suit. Coca-Cola owns about 35 percent of CCE stock.
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