Davis Polk Reps PepsiCo In $3.8B Wimm-Bill-Dann Deal

Law360, New York (December 2, 2010, 12:41 PM EST) -- PepsiCo Inc. on Thursday announced plans to buy a 66 percent share in Russian dairy and juice maker Wimm-Bill-Dann Foods OJSC for $3.8 billion, aiming to become the largest food and beverage business in Russia.

After the acquisition is complete, PepsiCo will offer to buy the remaining shares of Wimm-Bill-Dann, the companies said in a joint statement. The purchase price implies a total enterprise value of $5.4 billion, they said.

The $33 per share price is a 32 percent premium over the 30-day average trading price...
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