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PepsiCo and The Quaker Oats Company said today they have received unconditional clearance from the Federal Trade Commission to merge.
With the last remaining regulatory hurdle to the transaction removed, they intend to complete the transaction within the next several business days.
"We're delighted to get FTC clearance," said Steve Reinemund, PepsiCo chairman and CEO. "We look forward to completing the deal shortly and putting in action the detailed consolidation plans we've been building."
"This is a great day for Quaker shareholders, for our portfolio of brands and for our people," said Robert S. Morrison, Quaker chairman, president and CEO. "As part of one of the largest consumer packaged goods companies in the world, we're well positioned to grow faster than ever."
PepsiCo also said that it expects to complete today the sale of global rights to its All Sport beverage brand to Monarch Company of Atlanta. PepsiCo announced in May that it had reached final terms of the sale.
Reuters reported today that PepsiCo will not distribute No. 1 sports drink Gatorade in its bottling system for 10 years as part of the agreement to sell off its All Sport brand to Monarch Co., a condition of PepsiCo's deal to buy Quaker Oats Co.