Tuesday 21 November 2017

Pepsi takes challenge of embracing Cold-War enemy

PEPSI'S recent takeover of Russia's biggest food company, Wimm-Bill-Dann, marks another chapter in the US firm's unique relationship with the former great enemy.

Pepsi has agreed to pay $3.8bn for Wimm-Bill-Dann and launched a mandatory offer for the remainder of the firm, which has been headed by Irishman Tony Maher since 2006.

Mr Maher spent 30 years working for Coca-Cola -- 10 of them in Russia and was also a regional manager for the group in Ireland, having begun his career for Coca-Cola Bottlers in Dublin back in 1975.

Pepsi scored a coup in 1959 when US President Nixon was escorting Nikita Khrushchev around the American National Exhibition in Moscow.

They stopped at the Pepsi stand where Khruschev was snapped sipping the drink after being handed a cup by a young executive for the firm, Donald Kendall, who went on to run the global brand.

Me, Me Me, Plc

HATS off to Cathal Morrow who is trying to live a year without unhappiness following a year without lying.

The Dubliner has a new project called: "Me Me Me Plc", a company he plans to float on the London Stock Exchange by selling shares in himself. A £10 share gets you a photograph of Cathal in lieu of a share certificate.

"[R]ather than a company, what I'm going to be floating is me, and the story of me becoming the world's first truly public person. This means if (and when, I hope), someone buys the movie, book and T-shirt rights, you'll own a part of that (the Intellectual Property, no less)," Mr Morrow says. But what would happen in the event of a hostile takeover?

AIB carries the can

AIB took a pasting this week following news of the planned €40m bonus payments to selected staff, but what of Bank of Ireland and Anglo Irish? Those banks have largely managed to escape the opprobrium suffered by Allied Irish despite both banks giving some hefty bonuses to key staff.

Unlike Allied Irish, neither bank gave any detail to Finance Minister Brian Lenihan about the size of the bonuses while Bank of Ireland did not even bother to reveal how many people were lucky enough to enjoy the bank's largess.

Is this fair? Hardly, especially as at least one trader has been busy boasting about the size of his bonus.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business