CHINA: PepsiCo JV partner Beijing Yiqing to sell stake
PepsiCo China has confirmed that Beijing Yiqing Holding Co is to sell 15% of its stake in a joint-venture between the two firms.
Beijing Yiqing is seeking to sell its stake in Beijing Pepsi Cola Beverage Co for CNY73m (US$10.86m), according to the Global Times, and PepsiCo has the first right to purchase.
When contacted by just-drinks today (11 January), a spokesperson for PepsiCo China declined to comment on whether the company will purchase the stake.
"Over the last two decades, PepsiCo and Yi Qing, the partner of Beijing Pepsi, have built a solid and mutually trusted partnership," the company said. "The equity transfer is a normal business practice of the Chinese shareholder.
"As this transaction is currently in the process of public tender, we are not in a position to comment on specific details."
Yesterday, PepsiCo Greater China said it will act on the court verdict ordering it to hand back a cola recipe to Tianfu Cola Group Corp.
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