27 Jan '11, 1pm

Pepsi says Russia approves mega takeover

Pepsi says Russia approves mega takeover

MOSCOW: PepsiCo said Thursday that it had won full Russian approval for its acquisition of a local dairy and juices maker that will turn the US giant into the country's biggest food and drinks firms. The world's second-largest food and beverage company said its purchase of Wimm-Bill-Dann had been approved by Russia's Federal Anti-Monopoly Service as well as the government's commission in charge of foreign investments. The deal makes Russia PepsiCo's biggest market outside the United States. "This means that PepsiCo has received all the state agency permits necessary for completing the deal," PepsiCo said in a Russian-language statement. The company hopes the deal will also help drive its expansion further into Eastern Europe and the former Soviet republics of Central Asia. The 5.4-billion-dollar (4.1-billion-euros) deal has been in the works for months but still represents...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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