PepsiCo will buy back up to $15 billion worth of its own common stock.

The company has decided to embark on the share buying spree which will finish in June 2013.

The world's second-largest soft drink seller had said earlier that it would buy back about $4.4 billion worth of its shares this year.

Last month PepsiCo was told by regulators it had permission to purchase its two biggest bottlers, Pepsi Bottling Group and PepsiAmericas.

Only days later, its biggest rival, Coca-Cola, said it too would buy the North American operations of its largest bottler, Coca-Cola Enterprises.