January 4, 1989 |
Plans by Pepsico to buy General Cinema's soft drink bottling business for $1.5 billion have been derailed by an unexpected federal review of antitrust implications. The Federal Trade Commission's request for more information about the sale prevented its completion by Dec. 31 and cost General Cinema tax benefits valued at more than $100 million. The news pushed General Cinema stock down $1.50 to a close of $24. Shares of Pepsico stock closed at $39.50, unchanged.
January 3, 1989 |
Pepsico Inc.'s $1.5-billion acquisition of General Cinema Corp.'s soft-drink bottling business has collapsed because of a government request for more information about the deal, the companies said today. One of the most expensive bottling transactions ever proposed fell apart Friday when the Federal Trade Commission asked for additional details to determine whether it might violate antitrust laws, the companies said. Under the agreement signed by General Cinema and Pepsico on Nov.
December 2, 1988 |
Facing increased competition in the soft-drink market, General Cinema Corp. said Thursday that it will sell its soft-drink bottling operation to Pepsico Inc. for $1.5 billion. Industry analysts said the move would bring one of the country's largest independent bottlers under Pepsi's control, allowing the soft-drink giant to consolidate bottling operations and reduce costs. "I think it's good for the consumer because it will mean consistently lower prices for soft drinks," said Roy D.
August 12, 1988 |
A singing, chanting crowd estimated by police at 25,000 marched in front of the gates of Universal Pictures on Thursday, protesting the studio's release today of the controversial movie "The Last Temptation of Christ" in Los Angeles and eight other U.S. and Canadian cities. The protest--coordinated by two Southern California radio stations and a television station that broadcast Christian religious programs--represented the largest outpouring yet against the movie.
July 30, 1988 |
The federal government and the New York Stock Exchange said Friday they are examining an apparently bogus claim of a large investment in General Cinema Corp. that triggered a sharp rise in the price of the company's stock. Securities experts said the filing by an unknown London man from a fictitious London address of a 6.1% stock acquisition in the soft-drink bottler and movie theater operator raises questions about Securities and Exchange Commission guidelines.
June 25, 1988 |
Jacobs Suchard AG conceded defeat on Friday in the takeover battle for British confectioner Rowntree PLC to Swiss foods giant Nestle SA, which now will displace Suchard as the world's second-largest confectioner. But Suchard, which agreed to sell its 28.4% stake in Rowntree to Nestle for 690 million pounds ($1.2 billion), is walking away with a hefty profit, which analysts estimate at more than 200 million pounds.