Why Is Pepsico Buying Its Bottlers?

PepsiCo (PEP) announced over the weekend that it has offered about $6 billion to complete its stakes in its two largest bottlers, Pepsi Bottling Group (PBG), of which it already owns 33%, and PepsiAmericas (PAS), of which it already owns 43%. The offers, made up 50-50 of cash and stock, value both firms at a 17% premium to Friday's closing prices.

I am a long-term holder of Pepsico as a superlative dividend-growth stock. The company has paid dividends since 1952 and raised them for 36 years. One of the attractions for me has been that Pepsico does not own its bottlers. So I am curious about the decision to purchase the bottlers.