US: PepsiCo to cut stake in PepsiAmericas
PepsiCo, which was reported last month as considering making the move, confirmed its intentions to just-drinks today (7 December).
The soft drinks giant initially held a 37% holding of PepsiAmericas, but has seen this rise to around 44% as the bottler has been running a share buyback programme.
"We're just trying to bring our holding back to the original level, which is a position we're comfortable with," a spokesperson for PepsiCo told just-drinks. "Were our holding to have continued rising, then we would have eventually had to look at consolidating our position."
The spokesperson added that the move "will not affect our commercial relationship" with PepsiAmericas.
Last month, the two companies combined to complete the acquisition of Ukrainian juice company Sandora. PepsiAmericas holds a 60% stake in Sandora, with PepsiCoholding the remaining 40%.
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