Wimm-Bill-Dann (NYSE:WBD) Soars on Pepsico (NYSE:PEP) Acquisiton Agreement

Shares of Wimm-Bill-Dann Dairy & Juice Co. (NYSE:WBD) soared on the news PepsiCo Inc. (NYSE:PEP) has agreed to acquire the majority of shares in the company for $3.8 billion, giving them controlling interest.

This move will place Pepsico as the No. 1 juice and dairy company in Russia, bypassing nemesis Coca-Cola (NYSE:KO) for the spot.

The price paid for the shares will equal 66 percent of Wimm-Bill-Dann, with plans to acquire the rest, although Pepsi will have to wait to see if they receive government approval.

Based on the last month, PepsiCo paid a premium of 32 percent over the daily average share price for Wimm-Bill-Dann.

PepsiCo said the deal should add another 8 cents to the EPS of the company beginning in 2012.

Wimm-Bill-Dann was trading at $31.20, gaining $6.70, or 27.35 percent at 2:09 PM EST. PepsiCo was at $64.88, rising by $0.75, or 1.14 percent.