India's Largest Database on New Projects
PepsiCo group acquires stake in Thai bottler Serm Suk
9 June 2010: PepsiCo Inc and a Thai affiliate have taken control of Thai bottler Serm Suk Pcl in an expansion drive in Asia’s third-largest bottled beverage market after China and India.
The maker of Diet Pepsi, Sierra Mist and Tropicana juice, and its partner Strategic Beverages (Thailand) Company, now own 50.1 percent of Serm Suk after buying 658 million baht (approx $20 million) in a tender offer launched in April 2010.
They bought 22.7 million shares, or 8.54 percent, at 29 baht ($0.89) each, Strategic Beverages. PepsiCo and its partner had already owned 41.54 percent of Serm Suk with the rest held by Thai investors. The tender offer period ends on 10 June 2010.
Strategic Beverages, a JV between PepsiCo and senior Thai management of Pepsi-Cola (Thai) Trading, has offered to buy all of remaining 155.44 million shares, or 58.46 percent of Serm Suk in a deal that could shake up and intensify the local beverage market.
The value of the Thai beverage market is estimated at 35 billion baht ($1.1 billion), Asia’s third largest, industry data showed.
Source: Khaleej Times