PepsiCo (PEP), which Tuesday announced a $7.8 billion pact to buy its two largest bottlers, said it is still committed to returning cash to shareholders through dividends and buybacks.

Speaking to investors in a conference call, PepsiCo executives said the deal would create annual pre-tax savings of $300 million by 2012. The company discovered additional opportunities for synergies, or savings, during the course of its discussions with the bottlers, they said. PepsiCo said it would still have the flexibility to make small "tuck-in" acquisitions or deals.

Chief Executive Indra Nooyi said the deal would help in a tough retail environment in North America.

-By Anjali Cordeiro, Dow Jones Newswires; 212-416-2200; anjali.cordeiro@dowjones.com