(Reuters) - PepsiCo Inc (PEP.N) agreed to sell its interest in 24 soft drink bottlers in China to Hong Kong-listed Tingyi Holdings Corp (0322.HK), an acknowledgment that its strategy in China was not working.
PepsiCo will initially receive only 5 percent of Tingyi-Asahi Beverages (TAB), Tingyi's joint venture with Japan's Asahi Group Holdings Ltd (2502.T), a stake the companies valued at about $55 million. PepsiCo has the option of increasing its stake to 20 percent by 2015, when China is projected to become the world's largest market for bottled drinks. Full Read
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