This excerpt taken from the PBG DEF 14A filed Mar 31, 2006.
Stock Ownership and Director Relationships with PepsiCo. PBG was initially incorporated in January 1999 as a wholly owned subsidiary of PepsiCo to effect the separation of most of PepsiCos company-owned bottling businesses. PBG became a publicly traded company on March 31, 1999. As of February 15, 2006, PepsiCos ownership represented 41.5% of the outstanding Common Stock and 100% of the outstanding Class B Common Stock, together representing 47.1% of the voting power of all classes of PBGs voting stock. PepsiCo also owns approximately 6.7% of the equity of Bottling Group, LLC, PBGs principal operating subsidiary. In addition, Margaret D. Moore, one of our Directors, is an executive officer of PepsiCo.