Retail in Asia

In Sectors

PepsiCo cancels Thai tender offer

PepsiCo Inc.’s bid to buy Thai bottler and distributor Serm Suk PCL took an unexpected twist on Friday when the US drink giant said it had cancelled its tender offer for the firm after failing to secure as many shares as it hoped.

A spokesman for the PepsiCo group said in a statement that the failure of its tender offer didn’t affect the company’s focus on the Thai beverage market, which is Asia’s third largest by some industry estimates after China and India.

To view the full article (note: you must be a Wall Street Journal Online subscriber), visit the Wall Street Journal Online.

(Source: The Wall Street Journal Online)