Russia approves PepsiCo's purchase of WBD
2010-12-29 17:55:00
Russia's Foreign Investment Commission has approved PepsiCo's purchase of a 66% stake in Wimm-Bill-Dann, one of the country's leading dairy producers, Igor Artemyev, head of the Federal Antimonopoly Service and commission member, said late on Tuesday.
"I believe that we will complete the deal in January," Artemyev said following a commission meeting.
The company will have less than 30 percent of the dairy market and between 40 percent and 50 percent of the beverage market.
On December 2, PepsiCo signed an agreement to buy Wimm-Bill-Dann for $5.8 billion. Under the deal, PepsiCo will buy a 66 percent stake in Wimm-Bill-Dann for $3.8 billion, pending required government approval, and will then offer to buy remaining shares.