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This is dated the 8th of June, but I saw it referenced in a news item yesterday. It might explain some of the movement, though there was no corresponding movment on PEP stock price.

There may also be some skittishness, due to the EU's treatment of the GE-Honeywell deal.

PepsiCo Expects Quaker Merger Talks With FTC to Continue Beyond June


PURCHASE, N.Y., Jun 8, 2001 /PRNewswire via COMTEX/ -- PepsiCo (NYSE: PEP) announced today that it is continuing discussions with the Federal Trade Commission on its planned merger with the Quaker Oats Company and that it expects those discussions to go into the third quarter.

"We have said all along it is in everyone's best interest to let the government investigate fully, and sometimes that process can take longer than anticipated," said Steven S Reinemund, PepsiCo's Chairman and CEO.

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