Britvic
has been withdrawn from sale as the shareholders could not find an acceptable
buyer. Britvic’s price would be much lower without PepsiCo guaranteeing to renew
its distribution agreement – which was never going to happen without a suitable
bidder. PepsiCo does best if Britvic is sold to an existing bottler that uses
its strength to push Pepsi brands, but all the key bidders were private equity
groups. Pepsi may well have made the right move by holding off its renewal.
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