PepsiCo announces completion of Wimm-Bill-Dann acquisition

PepsiCo, Inc. (NYSE: PEP) announced today that it has concluded the squeeze-out process with respect to all remaining ordinary shares of Wimm-Bill-Dann Foods OJSC (WBD) that was initially announced on July 1, 2011. PepsiCo acquired 601,948 ordinary shares, representing approximately 1.37% of WBD’s outstanding shares, in the squeeze-out. As a result, PepsiCo now owns 100% of the outstanding ordinary shares of WBD, which includes all ordinary shares underlying American Depositary Shares (ADSs).

Under the terms of the squeeze-out, each registered holder of ordinary shares as of August 15, 2011 received 3,883.70 Russian rubles per ordinary share, which is the same price that was offered to WBD shareholders in PepsiCo’s recently completed tender offer in Russia.

Each ADS holder will receive payment with respect to the ADSs on September 12, 2011, which is the ADS pay date that has been announced by the ADS depositary. On this date, each ADS holder will receive $32.74897 per ADS in cash, which is equal to 970.925 Russian rubles per ADS as converted to U.S. dollars at the spot market conversion rates available to the ADS depositary, without interest, less fees under the ADS deposit agreement of $0.05 per ADS for cancellations and $0.02 per ADS for cash distributions and applicable taxes, less other governmental charges, if any. In addition, all outstanding ADSs will be automatically cancelled without further action by the ADS holders on the ADS pay date.

ADS holders should direct any questions concerning payment of the squeeze-out proceeds to the ADS depositary at +1-877-248-6417.