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South Korea's Lotte seeks to acquire Pepsi Philippines

Seoul-based Lotte Chilsung Beverage Co.Ltd. is offering to buy 57.78% of Pepsi-Cola Products Philippines Inc., or PCCPI, for about 4.16 billion pesos, according to a Dec. 11 filing to the Philippine Stock Exchange.

Lotte Chilsung is a subsidiary of South Korean conglomerate Lotte Corp., which already holds about 38.88% of the beverage company. On Dec. 11, Lotte Chilsung submitted a tender offer to acquire up to 2,134,381,838 shares in PCCPI for 1.95 pesos per share. The offer price represents a 39% premium to the last traded price of 1.40 pesos.

PCCPI suspended trading in its shares on Dec. 11 following the tender offer report.

According to the filing, the Korean company does not intend to delist PCCPI from the Philippine Stock Exchange. However, the potential purchase of shares could raise Lotte's stake to 96.66% and reduce the public float to below the 10% required by the Philippine Stock Exchange, which could lead to PCCPI's involuntary delisting from the bourse.

The offer will begin Dec. 12 and close Jan. 15, 2020.

The proposed deal is subject to customary closing conditions, including securing approvals from the Philippines SEC and Philippine Competition Commission.

First Metro Securities Brokerage Corp. was the tender offer agent, and Punongbayan & Araullo provided a fairness opinion to Lotte Chilsung.

PCCPI and Lotte Chilsung did not immediately respond to S&P Global Market Intelligence's requests for comment.

As of Dec. 11, US$1 was equivalent to 50.80 Philippine pesos.