Indofood Buys Fritolay’s Shares, Rules Snack Market in One Fell Swoop

Summary

PT Indofood CBP Sukses Makmur Tbk (ICBP) has purchased all shares owned by Fritolay Netherlands Holding B.V. (Fritolay), a PepsiCo Inc affiliate, in the snack manufacturer PT Indofood Fritolay Makmur (IFL). ICBP Corporate Secretary, Gideon A. Putro, revealed that the deal cost about Rp 494 billion. It took place on February 17, 2021, ending the 30-year collaboration between Indofood and PepsiCo.

Gideon said that ICBP bought 49 percent of IFL shares held by Fritolay. After the transaction, ICBP's ownership increased from 51 percent to 99.99 percent. "The Rp 494-billion transaction was funded from the company's internal cash," Gideon explained in information disclosure on the Indonesia Stock Exchange. IFL will also terminate the license agreement with PepsiCo. All preparations for the cessation of production and sales of products under the PepsiCo brand will occur within the next six months.

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