PURCHASE, N.Y. (AP) -- PepsiCo Inc. said Thursday it received approval from the Russian government to take a majority stake in Wimm-Bill-Dann Foods for $3.8 billion in a move that will make the snacks and soft drink company the largest food and beverage company in Russia.
PepsiCo said in December it would take a majority stake in Wimm-Bill-Dan, a Russian company that produces dairy products, juices, mineral water and baby food.
The deal is expected to close Feb. 8, at which time Pepsi will hold about a 77 percent stake in the company.
The deal would be PepsiCo's largest international acquisition ever. It gives the company dominant position in the fast-growing Russian market and furthers its plan to build its global nutrition business.
PepsiCo shares fell 23 cents to $65.63 in midday trading.