RUSSIA: PepsiCo bids for rest of Lebedyansky Juice
A PepsiCo spokesperson told just-drinks today (17 September) that the soft drinks giant has filed a bid with Russian competition authorities to begin a tender process for the remaining shares.
PepsiCo and its main bottling arm, The Pepsi Bottling Group, announced on 28 August that they had acquired 75% of Lebedyansky for US$1.4bn.
Regarding its new bid, PepsiCo said "details of the offer will be made public after the filing has been cleared by the regulatory authorities". It is thought the price per share may be similar to the RUR2,165 (US$84.7) paid in the previous deal.
Lebedyansky is the largest branded producer on Russia's growing juice market, with an estimated 30% market share and annual revenue in 2007 of around US$800m, according to PepsiCo.
Both PepsiCo's bid for Lebedyansky and Coca-Cola's offer for China's Huiyuan Juice show how the US soft drinks giants are looking to step up their presence in emerging markets.
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