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US: Pepsi gains approval for Sandora sale

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PepsiAmericas and PepsiCo have been given the green light by authorities in a joint venture to acquire Ukrainian fruit juice maker Sandora.

Speaking to just-drinks today (13 August) a PepsiCo confirmed that the "proposed purchase of Sandora, Ukraine's leading juice company, by PepsiAmericas and PepsiCo did receive the required government approval."

The US$542m acquisition will reportedly provide the companies with "a strong platform for growth" in the emerging Ukrainian market. PepsiAmericas will hold a 60% stake and manage the day-to-day operations of the business, while PepsiCo will acquire 20% interest and will oversee the brand development. The joint venture said it expects to acquire the remaining 20% interest in Sandora in November.

PepsiAmericas chairman and chief executive officer Robert Pohlad recently said: "We have a clear strategy to grow through the expansion of our international business and Sandora is a great fit. It provides immediate scale in a high growth market and a strong business platform to leverage and expand into other categories. Ukraine's emerging economy and beverage market, coupled with Sandora's strong brands and distribution capabilities, provide significant growth potential."

Initial private equity bidders included Advent International, Mid Europa Partners and Lebedyansky. Local reports yesterday suggested that PepsiCo was duking it out with The Coca-Cola_Co. for the stake in Sandora.

 


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