The news item is mainly about a joint venture between ______. [br] [originaltex

Pepsico of the US and Unilever of the UK have become the latest foreign entrance in China’s competitive bottle tea market. The two companies launched Lipton’s iced tea in Guangzhou last week in a 50-50 venture. "PepsiCo is contributing its bottling facilities and distribution networks to the alliance while Unilever provides the famous tea brand and recipe." company executive said. China has a growing bottle tea market estimated to be worth 10 billion Yuan. It has been dominated in recent years by two Taiwanese brands, Master Kang and Uni-President. Three other big brands, Nestle, Guangdong based Jianlibao and Lipton, have just entered the market this year. Swiss company Nestle is working in conjunction with Coca Cola.