PepsiCo has fully terminated the powers of Wimm-Bill-Dann’s (WBD) board of directors.
PepsiCo, which completed a tender offer to buy all outstanding WBD shares in May this year, said that the powers of the Russian dairy firm’s board of directors have now been repealed. “Since WBD has only one shareholder now (PepsiCo), there is no need for a board,” a spokesperson told just-drinks today (25 October).
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PepsiCo struck a deal to buy a 66% stake in WBD for US$3.8bn in December last year, making it the largest food-and-beverage business in Russia. In March, PepsiCo purchased 23.02% of outstanding shares from minority shareholders and, in September, scooped up the remaining 1.37% at RUB3,883.7 (US$129) per share.
