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Moody's may up Wimm-Bill-Dann Foods
Moody's Investors Service said it placed the Ba3 corporate family rating of Wimm-Bill-Dann Foods OJSC under review for possible upgrade.
The action was triggered by news that that PepsiCo agreed to acquire 66% of Wimm-Bill-Dann for $3.8 billion, Moody's said.
The acquisition is subject to required government approvals.
The agency said it also understands that once this transaction is completed, PepsiCo would have to make a tender offer for the remaining shares of Wimm-Bill-Dann.
The agency said it expects that the acquisition by PepsiCo should further strengthen Wimm-Bill-Dann's position on the Russian dairy and juice markets.
The combined company will become a clear market leader in the food and beverage industry in Russia, Moody's said.
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