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Pepsi Bottling Group


reported first-quarter net income of $58 million, or 27 cents a share, as the period benefited from a gain on the settlement of tax audits.

The latest quarter includes a net after-tax gain of $36 million, or 17 cents a share, from the settlement of tax audits and previously announced restructuring charges.

The company earned $31 million, or 12 cents a share, a year earlier.

Sales in the quarter fell to $2.51 billion from $2.65 billion.

Pepsi Bottling on Wednesday reaffirmed that a special committee of independent directors will evaluate a takeover proposal made earlier this week from



and "will respond in due course."

PepsiCo launched a $6 billion takeover bid for both Pepsi Bottling and



on Monday.

Pepsi Bottling raised its full-year earnings and operating free cash flow guidance for 2009.