Seven-Up Sale to Pepsi Off

Philip Morris Cos. Inc. announced today it has ended its agreement to sell Seven-Up to Pepsico Inc. for $380 million.

The announcement follows the Federal Trade Commission’s decision on Friday to attempt to block that deal as well as Coca-Cola Co.’s proposed $470-million acquisition of Dr Pepper Co. The agency cited fears that the takeovers would reduce competition in the distribution and sale of soft drinks. Philip Morris said it still intends to sell Seven-Up’s franchise business, but in the meantime, it will continue to support its brands in the marketplace.