Lotte Chilsung Beverage Makes Offer to Buy Pepsi-Cola Products Philippines
December 10 2019 - 10:08PM
Dow Jones News
By Ben Otto
South Korea's Lotte Chilsung Beverage (005300.SE) has made an
offer to acquire shares that it doesn't already own in Pepsi-Cola
Products Philippines (PIP.PH), valuing the company at 7.20 billion
Philippine pesos ($141.9 million).
The South Korean company has offered to buy a nearly 58% stake
in the Manila-based consumer company, Pepsi-Cola Products
Philippines said in a filing to the Philippine stock exchange
Wednesday.
Lotte Chilsung currently holds an approximately 42% stake in
Pepsi-Cola Products Philippines. U.S. beverage giant PepsiCo Inc.
(PEP) owns a 25% stake in the Philippine company.
Lotte Chilsung is offering to pay PHP1.95 per share to acquire
up to about 2.13 billion shares, a 39% premium to Tuesday's closing
price of PHP1.40. The acquisition would cost the South Korean
company around PHP4.15 billion.
Shares of Pepsi-Cola Products Philippines are currently halted
from trading.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
December 10, 2019 21:53 ET (02:53 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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