PepsiCo, GlaxoSmithKline

PepsiCo shook up the fizzy-drinks industry by offering $6 billion in cash and shares to take full ownership of its two biggest bottlers. Tighter control of its distribution system will help PepsiCo to ship products to big retailers more efficiently.

GlaxoSmithKline (GSK), a drugs giant, agreed on a $3.6 billion deal to buy Stiefel Laboratories, a dermatology firm. The purchase is part of a strategy to reduce GSK’s reliance on blockbuster drugs by focusing more on consumer health-care products.