PEP PepsiCo Inc

   By P.R. Venkat 
 

Lotte Chilsung Beverage Co. Ltd. (005300.SE) has withdrawn a tender offer to increase its stake in Pepsi-Cola Products Philippines Inc. (PIP.PH) due to a directive by the market regulator.

The Securities and Exchange Commission has asked Lotte Chilsung Beverage to stop conducting the offer pending resolution of certain issues, Pepsi-Cola Products Philippines said in a filing to the Philippine stock exchange on Wednesday.

The filing didn't disclose the issues the regulator had raised.

Lotte Chilsung Beverage, which currently owns about 42% of Pepsi-Cola Philippines, in December made an offer to buy the remaining stake in a deal that valued the company at 7.20 billion Philippine pesos ($141.9 million).

U.S. beverage giant PepsiCo Inc. (PEP) has a 25% stake in the Philippine company.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

February 04, 2020 20:11 ET (01:11 GMT)

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