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U.S. markets recover from steep losses
PURCHASE, N.Y., Aug. 4 (UPI) -- U.S. beverage giant PepsiCo said Tuesday it had agreed to purchase two large bottling firms for $7.8 billion.
PepsiCo said it agreed to buy all the outstanding shares it does not already own in The Pepsi Bottling Group Inc. and PepsiAmericas Inc.
The terms include an offer of $36.50 a share for Pepsi Bottling Group, and $28.50 a share for PepsiAmericas shares, the company said. Both offers are premiums of around 22 percent above the companies' July 31 closing prices.
In a statement, PepsiCo Chairman and Chief Executive Officer Indra Nooyi said the deal will create "a more flexible, efficient and competitive system that can drive growth across the full range of PepsiCo beverage brands."
"Ultimately it will put us in a much better position to compete and to grow both now and in the years ahead," Nooyi said.
"Bringing together these three great companies is bold and strategically innovative, and will create a system unmatched in our industry," PepsiAmericas Chairman and Chief Executive Officer Robert Pohlad said.
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