Quaker Gives Pepsi More Time to Sell Unit
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Quaker Oats Co. gave proposed buyer PepsiCo Inc. an additional 30 days to sell its All Sport beverage unit, providing extra time for the companies to get regulatory approval for their $13.5-billion merger.
The extension comes less than a month after Pepsi said its acquisition of Quaker Oats would be delayed until later in the third quarter as talks with Federal Trade Commission officials continued.
FTC officials have expressed concern about Pepsi’s ability to leverage Quaker Oats’ Gatorade, the dominant sports drink, to gain undue advantage over beverage manufacturers, sources said.
Chicago-based Quaker Oats rose 4 cents to $91.29, while Purchase, N.Y.-based PepsiCo rose 99 cents to $45.19, both on the NYSE.
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