Pepsi gives its blessing to Carlsberg's bid to take over Britvic

Pepsi has given its blessing to Carlsberg’s takeover bid for Britvic, paving the way for a higher offer from the Danish brewing giant.

US-based Pepsi has agreed to waive a change of control clause that would allow it to terminate its lucrative bottling arrangements with Britvic under new ownership.

Britvic’s deal with Pepsi gives it distribution and sales rights to brands including Lipton Iced Tea, Pepsi Max and 7Up until 2040.

The Sunday Times has reported that Pepsi is understood to be open to Carlsberg taking over Britvic because the Danish brewer bottles its soft drinks in other regions.

It comes after week Carlsberg revealed it had made two bids to take over soft drinks giant Britvic. Both were rejected earlier this month and Britvic said the second £3.2b offer “significantly undervalues” its business.

However, Britvic said it was open to considering any further offers.

In an update to investors this morning, Carlsberg said: “Carlsberg is considering its position. There can be no certainty that any offer will be made.”

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