Quaker Reportedly in Talks to Sell Snapple
Quaker Oats Co. stock rose 6% after a trade publication reported that the company is in “substantive talks” with PepsiCo Inc. over the sale of its Snapple and Gatorade beverage units. Brandweek, a New York-based magazine, said Coca-Cola Co. “and at least one other group of investors” are also interested in the businesses. The magazine said Pepsi executives are again pursuing talks after balking earlier this month when Quaker asked for $3 billion. The article didn’t indicate whether that asking price was for both divisions or just for Snapple. New York-based Quaker bought Snapple for $1.7 billion in November 1994. Since then, the beverage maker has posted losses that are expected to exceed $100 million this year. Quaker closed at $39.375, up $2.125 on the NYSE.