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| PepsiCo buys Sodastream for $3.2bn | PepsiCo buys Sodastream for $3.2bn |
| (35 minutes later) | |
| PepsiCo has announced it is buying Sodastream for $3.2bn (£2.5bn). | PepsiCo has announced it is buying Sodastream for $3.2bn (£2.5bn). |
| Israel-based Sodastream makes a machine and refillable cylinders allowing users to make their own carbonated drinks. | Israel-based Sodastream makes a machine and refillable cylinders allowing users to make their own carbonated drinks. |
| The deal gives Pepsi a new way of reaching customers in their homes at a time when its signature sugary drinks are becoming less popular. | The deal gives Pepsi a new way of reaching customers in their homes at a time when its signature sugary drinks are becoming less popular. |
| It is also the company's first big acquisition since chief executive Indra Nooyi disclosed she would step down in October after 12 years at the helm. | It is also the company's first big acquisition since chief executive Indra Nooyi disclosed she would step down in October after 12 years at the helm. |
| Under the terms of the deal, PepsiCo will buy all outstanding shares of Sodastream for $144 each. | Under the terms of the deal, PepsiCo will buy all outstanding shares of Sodastream for $144 each. |
| The takeover has already been approved by directors at both firms. | The takeover has already been approved by directors at both firms. |
| PepsiCo president Ramon Laguarta, who will succeed Ms Nooyi on 3 October, said in a statement that Sodastream was "highly complementary and incremental" to Pepsi's business. | PepsiCo president Ramon Laguarta, who will succeed Ms Nooyi on 3 October, said in a statement that Sodastream was "highly complementary and incremental" to Pepsi's business. |
| He added: "PepsiCo is finding new ways to reach consumers beyond the bottle." | He added: "PepsiCo is finding new ways to reach consumers beyond the bottle." |
| If regulators approve the deal, it is expected to be finalised by January 2019, subject to a vote by Sodastream shareholders. | If regulators approve the deal, it is expected to be finalised by January 2019, subject to a vote by Sodastream shareholders. |
| Sodastream was originally founded in the UK in 1903 and went through various changes of ownership until it became a subsidiary of Cadbury Schweppes in 1985. | |
| In 1998, it was bought by Israeli firm Soda-Club, with its UK manufacturing plant in Peterborough closing in 2003. |