No more Cheetos, Lays in August, as ICBP acquires PepsiCo shares

Indonesian consumers will no longer see popular snacks such as Cheetos and Lays in supermarkets in August this year, following publicly listed processed food company Indofood CBP Sukses Makmur’s (ICBP) move to acquire American food and beverage firm PepsiCo’s shares in their joint venture, PT Indofood Fritolay Makmur (IFL). On Wednesday, ICBP spent Rp 494 billion (US$35.26 million) to acquire a 49 percent stake in Fritolay Netherlands Holding B.V, an affiliate company of PepsiCo within IFL. The corporate action also marks the end of a 30-year partnership between ICBP and PepsiCo.

February 19 2021, The Jakarta Post - Read 16 times

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