UPDATE 2-Tingyi exec sees China approving Pepsi deal in March

Wed Feb 22, 2012 9:01am GMT
 

* Expects tie-up deal with Pepsi to receive approval next month

* Deal seen positive for both firms

* Tingyi HK shares outperform market

By Argin Chang

TAIPEI, Feb 22 (Reuters) - Chinese instant noodle and beverage maker Tingyi Holdings Corp expects to receive approval from Chinese regulators for its tie-up with PepsiCo Inc as early as March, Tingyi's parent company in Taipei said on Wednesday.

PepsiCo agreed to sell its interest in 24 soft drink bottlers in China to Tingyi in November, a move seen as an acknowledgment that its strategy in China was not working.

"We should be able to hear some good news next month," Ting Hsin International Group Chairman Ying Chiao Wei told Reuters on the sideline at the Commonwealth Economic Forum in Taipei.

"If the deal gets approved in March, we'll be able to merge very soon and it will help our sales growth a lot."

This is the first time the company has indicated when it expects to receive regulatory approval.   Continued...

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