Pepsi paves way for Carlsberg’s £3 billion takeover tilt for Britvic

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US drinks group Pepsi has agreed to waive a change-of-control clause as part of its long-term bottling agreement with Britvic.

Danish beer group Carlsberg confirmed it has struck a deal with Pepsi that removes a potential block to its takeover swoop for Robinsons maker Britvic

The clause was effectively a poison-pill arrangement that could have prevented an acquisition of Britvic by allowing Pepsi to end its bottling deal, making the UK company a less attractive takeover target. “This waiver will come into effect should an acquisition of Britvic by Carlsberg, which has the recommendation of Britvic’s board, proceed to completion.”

Carlsberg said on Monday that it is “considering its position” amid reports it could be preparing to put forward a proposal of up to £14 a share. Carlsberg issued a separate statement on Friday confirming the move to its investors, saying it believes there could be long-term growth opportunities from a deal.

 

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