PepsiCo Inc said Monday it will buy the two largest bottlers Pepsi Bottling Group and Pepsi Americas for $6 billion, in a move to control its unit about 80 percent in North American.

PepsiCo is offering $29.50 a share in cash and stock for Pepsi Bottling, valuing the company at about $6.4 billion. And offering $23.27 a share for PepsiAmericas, valuing the company at about $2.9 billion.

It also sees possible job cuts and layoff about 3,500 of its workforce and has closed 6 plants in an effort to cut cost of $1.2 billion by 2011, Chief Financial Officer Richard Goodman said.

In separate statement, PepsiCo reported its first-quarter net income fell $1.14 billion or $0.72 a share and revenue of $8.26 billion.

Analysts also expect Coca-Cola Co., the world's largest soft drink manufacturer, will take similar moves since it faces same current challenges in the economic downturn, which it owns 35 percent of its largest bottler, Coca-Cola Enterprises Inc.

We would expect Coke to follow, Deutsche Bank North America analyst Marc Greenberg said “But the longer it waits ... the more it may cost, that takes Advantage to Pepsi.

But that chances of a Coke purchase of Coca-Cola Enterprises have risen, It doesn't mean a deal will happen anytime soon, said Bill Pecoriello, an independent beverage analyst at Consumer Edge Research in Stamford CT.

Meanwhile, PepsiCo shares also fell $2.27 to 4.35% at $49.86 in the trading.

Pepsico