November 2, 2017 / 5:49 AM / a year ago

Suntory Beverage, PepsiCo to form Thai soft drinks JV

TOKYO (Reuters) - Suntory Beverage & Food Ltd (2587.T) said on Thursday it has agreed to set up in Thailand a soft drink joint venture with PepsiCo Inc PEP.N in March, as it looks to expand in the Southeast Asian country.

Bottles of Pepsi are pictured at a grocery store in Pasadena, California, U.S., July 11, 2017. REUTERS/Mario Anzuoni

The Japanese company will buy 51 percent of shares in International Beverage, PepsiCo’s Thai beverage business, for around 33 billion yen ($289.63 million), it said in a statement.

The deal will have no effect on Suntory Beverage’s earnings for the fiscal year ending Dec. 31, it added.

Reporting by Ritsuko Shimizu and Thomas Wilson; Writing by Chang-Ran Kim; Editing by Gopakumar Warrier

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