April 20, 2009 / 4:53 AM / 10 years ago

UPDATE 1-PepsiCo offers $6 bln for bottlers; Q1 tops Street

* Offers to buy $29.50/shr Pepsi Bottling Group

* Offers to buy $23.27/shr for PepsiAmericas

* Reports better-than-expected Q1 results

April 20 (Reuters) - PepsiCo PEP.N is offering about $6 billion to buy the shares it does not already own in its two largest bottlers, Pepsi Bottling Group PBG.N and PepsiAmericas PAS.N, as it looks to consolidate the bottling business into the company.

PepsiCo said it was offering $29.50 per share for The Pepsi Bottling Group and $23.27 per share for PepsiAmericas, representing a 17.1 percent premium to Friday’s close.

PepsiCo said it expects the deal to add to its earnings by at least 15 cents a share and expects to handle distribution of about 80 percent of its total North American beverage volume after the deal. [ID:nWNAB4737]

The company also reported better-than-expected quarterly results and reaffirmed its outlook for the year. [ID:nWNAB4738]

Shares of PepsiCo closed at $52.13 on Friday on the New York Stock Exchange. (Reporting by Jennifer Robin Raj in Bangalore)

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