RUSSIA: PepsiCo completes Wimm-Bill-Dann buy
PepsiCo has increased its presence in emerging markets after completing its acquisition of Wimm-Bill-Dann.
PepsiCo has "squeezed-out" all remaining shares in Wimm-Bill-Dann (WBD), giving it 100% ownership of the Russian juice and dairy giant. In the squeeze-out process, PepsiCo scooped up 1.37% of WBD that it did not already own and paid shareholders RUB3,883.7 (US$129) per share, it said late last week.
WBD shareholders that hold American Depositary shares in the company will receive US$32.75 in cash today (12 September), PepsiCo said. The end of the process marks PepsiCo's completion of the WBD acquisiton, leaving the US soft drinks giant to focus on expanding its footprint in Russia.
The deal makes it twice as big as its nearest competitor in Russia's food and soft drinks market. In the last five years, the contribution of emerging markets to PepsiCo's annual net sales has risen from 21% to 31%.
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