US: PepsiCo to refile bottlers buyout application with FTC

By just-drinks.com editorial team | 12 October 2009

PepsiCo will refile its application to the US Federal Trade Commission for approval of a deal to buy out Pepsi Bottling Group and PepsiAmericas.

PepsiCo originally filed its notification and report forms with the Federal Trade Commission (FTC) on 11 September.

Following informal discussions with the FTC on Friday (9 October), PepsiCo has withdrawn both its Pepsi Bottling Group (PBG) and PepsiAmericas (PAS) notification and report forms effective 13 October.

The company said it will refile them on 15 October in order to allow more time for the FTC staff to review the proposed transactions.

A reason for the move was not given.

PepsiCo said it will continue to respond to any informal requests by staff to provide additional information about the businesses of PepsiCo, PBG and PAS.

Upon refiling of both notification and report forms, the FTC will have a 30-day period in which to determine whether to issue a request for additional information or close its investigation.

The new waiting period under the HSR Act will expire at 11:59 pm, New York City time, on 16 November, unless this period is earlier terminated or extended.

Falling costs and investments in innovation helped PepsiCo report a solid profit performance in its third quarter of 2009 last week, despite a dip in revenues.

Sectors: Soft drinks, Water

Companies: PepsiCo, Pepsi Bottling, PepsiAmericas