PepsiCo, the international soft drinks business, has announced plans to cut 8,700 jobs as part of a restructuring process to compete with rival Coca-Cola. The restructuring would affect 3% of its worldwide workforce. It would be accompanied by an extra $600m spend on marketing. Pepsi has fallen to number three in the fizzy drinks market in North America and the move is seen as an attempt to claw back market share.

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