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For the first time since they started trading 86 years ago, PepsiCo Inc. is larger than its archrival, Coca-Cola Co.

But the laurels refer to only one business statistic, and may well be fleeting.

The number that Associated Press referred to on Tuesday was market capitalization, one measure of the size of a company.

Coke shares were trading at $41.15 US when markets closed Monday. Atlanta-based Coke has 2.4 billion shares outstanding, giving it a market capitalization of about $98.7 billion US.

Pepsi, however, closed at $59.31 US on Monday. The Purchase, N.Y., soft-drink giant has 1.7 billion shares outstanding, giving it a market capitalization of $110.8 billion US.

That makes Pepsi 12.25 per cent bigger than Coke, for now anyway.