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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 email@example.com
(END) Dow Jones Newswires
December 10, 2019 21:53 ET (02:53 GMT)
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