RUSSIA: PepsiCo gets Lebedyansky buy okay
The country's Federal Anti-Trust Service (FAS) said today (21 July) that it has granted PepsiCo's application to buy a 75.53% stake in Lebedyansky's juice business, for US$1.4bn. Lebedyansky will sell off its baby food and mineral water businesses as part of the transaction later this year.
PepsiCo will acquire the stake along with The Pepsi Bottling Group.
Lebedyansky, which is the sixth-largest juice manufacturer in the world and the largest in Russia, saw annual revenues last year of around $800m from its juice business. In the first quarter of 2008, however, net losses hit $5.4m, against a profit of $24.2m a year ago - a drop of 122%. Group sales inched up by 3% to $270m in value terms, with the juice unit delivering a slip in sales of 1% to $230.2m.
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