Emerging Markets

PepsiCo pays a high price for a gamble in Russian dairy

PepsiCo pays a high price for a gamble in Russian dairy

By Guy Montague-Jones

When PepsiCo put up $5.4bn last week to acquire Wimm-Bill-Dann, it was seduced by the promise of high revenue growth but like any high-yield investment the Russian deal does not come without risks.