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TAIWAN — Taiwanese food and beverage manufacturer Tingyi Holding has signed an agreement with PepsiCo Inc. to form a strategic alliance within the beverage business in China, 2point6billion.com reported.
Tingyi-Asahi Beverages (TAB), which is Tingyi’s beverage joint venture with Japan’s Asahi Group Holdings, will take over PepsiCo’s entire non-alcoholic beverage bottling business throughout China.
In return, PepsiCo will acquire a 5 percent indirect interest in TAB worth about $55 million. In addition, PepsiCo will have an option to increase its stake up to 20 percent by 2015.