Seven-Up Minority shareholders agree to firm’s sale

NIGERIA - Minority shareholders of Seven-Up Bottling Company Plc on Thursday 11th January 2018 voted to sell their shares to the majority shareholder, Affelka S.A. for ₦21.4bn ($66.5 million). At a Court-Ordered Meeting in Lagos, shareholders approved the scheme of arrangement for the buyout. With the transfer of 26.8% minority shares to Affelka, the firm’s…

PepsiCo appoints Mike Spanos as new Chief Executive Officer, Asia

ASIA - PepsiCo, Inc. has announced that Mike Spanos, currently President, PepsiCo Greater China Region, will become Chief Executive Officer, Asia, Middle East and North Africa (AMENA), effective January 1, 2018. Following the changes, Sanjeev Chadha, who is currently Chief Executive Officer of AMENA, will become Chairman of AMENA through the end of Q1 2018.…

Foreign investors buy out Nigerian shareholders in Seven-Up

NIGERIA - Seven-Up Bottling Company Plc has received an offer from its majority shareholder, Affelka, a privately-owned Lebanese firm, to buy out the minority shareholders for N19.33 billion ($60 million). Seven-Up said in a notice to the Nigerian Stock Exchange, NSE, yesterday that Affelka has offered to buy all the outstanding and issued shares of Seven-Up that…

Local rivals eat into market share of Coca-Cola, PepsiCo

INDIA - Coca-Cola and Pepsi have been losing share to local rivals, including Parle, Dabur and ITC, in the aerated-beverages segment even as the global soft-drink giants introduced more fruit-based and healthier products to reduce their reliance on sugary sodas. In the overall juices, nectars and still drinks, the share of Coca-Cola’s largest fruit-based brand…

PepsiCo India CEO resigns, new CEO set to join

INDIA - PepsiCo India Holdings Pvt. Ltd’s chairman and chief executive officer D. Shivakumar has resigned, and will be joining Aditya Birla Group as President (Corporate Strategy and Business Development). Ahmed El Sheikh, currently senior vice-president and general manager for PepsiCo Egypt and Jordan, will succeed Shivakumar as PepsiCo India CEO, the beverage maker said…

PepsiCo makes online bet as Amazon rattles grocery industry

USA - With Amazon.com Inc. threatening to disrupt the supermarket industry, PepsiCo Inc. is making a bigger wager on e-commerce. The food-and-beverage giant has created a 200-person business unit that’s tasked with spurring online growth in a fast-evolving grocery landscape. So far, it’s working. PepsiCo is on pace to hit $1 billion in annualized e-commerce sales this…

Coca-Cola business in India strong, CEO denies struggles

INDIA - Carbonated drinks industry in India has a 5% annual growth in value, according to the chief executive officer of Coca-Cola’s bottling firm, denying any decline in the category. “Since July we are seeing a double digit growth,” Christina Ruggiero, CEO at Hindustan Coca-Cola Beverages (HCCB) told a local newspaper. “We are not getting…