Pepsi Philippines: Lotte buyout plan gets antitrust body's approval

ABS-CBN News

Posted at Mar 30 2020 10:17 AM

Pepsi cola bottles are shown in this file photo. Pepsi-Cola Products Philippines Inc said Monday the country's antitrust watchdog approved the plan of, Lotte Chilsung, to buy out its fellow shareholders. AP/file

MANILA -- Pepsi-Cola Products Philippines Inc said Monday the country's antitrust watchdog approved the plan of Lotte Chilsung to buy out its fellow shareholders.

The South Korean firm's tender offer to buy more shares "will not likely result in a substantial lessening of competition," Pepsi Philippines told the stock exchange, quoting the Philippine Competition Commission.

The PCC will "take no further action" on the transaction, said the maker of Pepsi and Mountain Dew.

Lotte Chilsung had offered to buy 2,134,381,838 shares at P1.95 apiece, equivalent to nearly 58 percent of Pepsi Philippines' outstanding stock.