March 29/Shanghai/Associated Press -- PepsiCo Inc. announced it received all the regulatory and shareholder approval it needs to secure a stake in Chinese drinks maker Tingyi Holding Corp.

The U.S. beverage and food company has said it planned to swap its holdings in its mainland China bottling operations for a stake in Tingyi to beef up its distribution in the fast-growing Chinese market.

PepsiCo transferred its interests in its bottling operations in China to Tingyi-Asahi Beverages Holding Co., acquiring in return a 5% indirect stake in Tingyi's drinks subsidiary. PepsiCo has the option to increase that stake to 20% by 2015. 

From the April 2, 2012, Prepared Foods’ Daily Update