Russian dairy and juice maker Wimm-Bill-Dann (WBD) has recommended its minority shareholders sell the remaining 23.02% share to PepsiCo, which recently bought 76.98% in WBD, the company said in a statement on Thursday.
In December 2010, PepsiCo signed an agreement to buy WBD for $5.8 billion, in which the company purchased a 42.37% stake from WBD's management, 23.52% from subsidiaries, and 11% from the market.
The firm said PepsiCo had sent a mandatory cash offer for the remaining 10.13 million ordinary shares in WBD at 970.925 rubles per American Depositary Receipt or 3,883.70 per share. The offer will expire in 70 days.
In February, subsidiaries of PepsiCo and WBD signed a credit agreement, under which PepsiCo Russia (Bermuda) Limited will get a three-year 31.37 billion ruble loan at 9.95% from WBD Finance Cyprus to complete the deal.
WBD has about 1,500 minority shareholders, including investment funds and individuals.
MOSCOW, March 10 (RIA Novosti)
