M&A Report: Pepsico Goes To The UK, 3M Purchase OFF
PepsicCo Inc. (NYSE:PEP) might become involved in the potential $2.1 billion merger between Britvic and AG Barr. Britvic, a supplier in the United Kingdom beverage industry, is looking to link up with Barr, but Pepsico entering the scene could lead to a larger merger.
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Wells Fargo & Co. (NYSE:WFC) should ponder a purchase of Discover Financial Services (NYSE:DFS), says Susquehanna, in order to strengthen its credit card operation. The analyst calculates that even a purchase price of $46 per share, split between stocks and cash, would be accretive to earnings in the first year. Moreover, Discover’s management has sent signs that it would not reject the right deal.
3M Company (NYSE:MMM) is letting go of its planned purchase of Avery Dennison Corporation’s (NYSE:AVY) office and consumer-products unit, due to a promise by the United States Justice Department to aggressively pursue their antitrust lawsuit. This latest word conflicts with earlier (Wednesday) statements by both firms that the deal would be going through. For its part, the antitrust agency indicated that the deal would have harmed competition in the sale of labels and adhesive notes.
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