PepsiCo remains committed to Thailand

PepsiCo remains committed to Thailand

PepsiCo has reaffirmed its long-term commitment to operations in Thailand, despite failing in its attempt to gain control of local Pepsi-Cola bottler Serm Suk.

PepsiCo's partner in Thailand, Strategic Beverages, yesterday cancelled its tender offer to gain a majority of Serm Suk shares.

Strategic Beverages already owns 41.54% of Serm Suk, but the group could only gain a further 8.67% via the tender offer, despite extending the offer period for an extra week to 10 June. The firm wanted a 51% overall stake in the bottler.

A PepsiCo spokesperson said today (11 June) that the failure of the tendure does "not affect PepsiCo’s long-term commitment to Thailand".

"We are of course disappointed that we did not achieve our target. Our price of THB29 (US$0.9) represented a near ten-year high for the stock and we believe it was fair to all shareholders,” said PepsiCo.