Pepsi Renews Soda Deal With Subway Chain

PepsiCo Inc., the second-largest U.S. soft drink company, renewed an agreement to sell its sodas at Subway Restaurants in the U.S. for 10 years, foiling rival Coca-Cola Co.’s bid to win the account. PepsiCo products, including Pepsi, Mountain Dew and other beverages, already are served at most Subway locations, though Coke has accounts with some Subways. Terms between Pepsi and Subway weren’t disclosed. The move follows the renewal of an agreement in April that allows Coke to sell its sodas at Burger King Corp.’s restaurants, an account Pepsi had sought. Closely held Subway, based in Milford, Conn., operates more than 11,500 restaurant outlets in the U.S. Pepsi has sold sodas at Subway restaurants since 1988. PepsiCo shares rose 88 cents to close at $36.38 on the NYSE.