NEW YORK (AP) — PepsiCo Inc. stock dropped nearly 7 percent Friday on word that it has resumed talks to buy Quaker Oats Co., the maker of Gatorade and Cap'n Crunch cereal, for about $14 billion in stock.
The offer being considered mirrors the one Chicago-based Quaker rejected in early November, a source familiar with the talks said Thursday, on condition of anonymity.
In the interim, Quaker discussed selling itself to Coca-Cola Co., but the Atlanta beverage maker's board abandoned those talks; French food conglomerate Danone SA also backed away from a possible bid.