The Pepsi Bottling Group's (PBG) shareholders have approved a merger agreement plan with PepsiCo and a wholly owned subsidiary of PepsiCo, the company said.
Under the agreement, PBG shareholders have the option to elect either $36.50 in cash or 0.6432 shares of PepsiCo common stock for each share of PBG.
PBG expects to complete the transaction by the end of this month.
The company, with annual sales of over $13bn, manufactures, sells and distributes Pepsi-Cola beverages.
PBG has operations in the US, Canada, Mexico, Russia, Spain, Turkey and Greece.
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