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Non-Tech : PEP -- Time to buy?

PEP 141.60

-0.9%

Nov 6 3:59 PM EST

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To: Gregory S. Elliott who wrote (95)	4/25/1997 4:08:00 PM
From: Mohan Marette	of 392

Would anybody care to comment on this news?What will be the effect? Thursday April 24 11:43 PM EDT PepsiCo( Pepsico Inc )to float NZ fast food ventures-paper WELLINGTON, April 25 - International food conglomerate Pepsico Inc is expected to float its New Zealand KFC and Pizza Hut fast-food operations in the next two or three weeks, the Dominion newspaper reported on Friday. The move is part of Pepsico's plan to shed its multi-billion dollar restaurant division to shareholders and concentrate on its packaged goods, beverages and snack food operations. The paper reported the decision to float in New Zealand was not believed to be directly linked to the divestment plans, but was rather considered the best of several options that had been studied for New Zealand. New Zealand KFC (formerly Kentucky Fried Chicken) has been reported in the past as an outstanding performer for PepsiCo on its world scale of operations. Neither of the joint global coordinators, FR Partners nor the New Zealand arm of Merrill Lynch would comment on the plan when approached by the Dominion on Thursday, and neither could be reached for comment on Friday, a public holiday. The paper reported that market sources believed a percentage of the shares would be sold overseas given a fairly wide price range. Merrill Lynch is understood to be advising PepsiCo in the United States on its restaurant divestment programme. Dominion sources said FR Partners would be lead manager for the issue in New Zealand. There are 86 KFC outlets in New Zealand, seven of which are franchised, and 43 Pizza Hut outlets,one of which is franchised.

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