RUSSIA: PepsiCo secures Wimm-Bill-Dann buy approval
PepsiCo has received all regulatory approvals for the purchase of Wimm-Bill-Dann
PepsiCo has received approval from the Russian competition regulator to acquire Wimm-Bill-Dann.
The snacks and soft drinks giant announced it had struck a deal to buy a 66% stake in the firm for US$3.8bn last month. PepsiCo, which already has a growing presence in Russia, said the deal would make it the "largest food-and-beverage business" in the country.
In a statement today (27 January), PepsiCo said the Federal Antimonopoly Service of the Russian Federation had issued approvals for the acquisition.
PepsiCo has therefore received all regulatory approvals required as conditions to complete the acquisition.
Completion is expected on 8 February, after which, PepsiCo will own around 77% of Wimm-Bill-Dann. PepsiCo has accumulated the additional 11% share since 2 December.
The firm added that it will now generate annual global revenues of US$13bn from nutritious and functional foods, from about $10bn currently.
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