SEAGRAM INKS DEAL WITH PEPSICO
By Adnews Staff
The Seagram Company of Montreal has finalized its deal to sell its global Tropicana juice business to U.S.-based PepsiCo Inc. for $3.3 billion. Proceeds from the transaction will be used, in part, to pay for Seagram's acquisition of PolyGram N.V. The deal is expected to close in the fourth quarter of the year. The move will allow Seagram to focus on its entertainment and spirits and wine businesses. In Canada, advertising for Tropicana is handled by Harrod & Mirlin/FCB of Toronto. Canadian advertising for PepsiCo beverages is created by BBDO Canada of Toronto.
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