Forget PepsiCo, ‘this’ company should buy Mondelez: Cramer

(Click for video linked to a searchable transcript of this Mad Money segment)

There's been speculation in the market that Mondelez may be attracting suitors. Cramer thinks if anybody buys, it should be this company – and no it's not PepsiCo.

It's Coca-Cola.

The Mad Money host drew that conclusion after Coke released results that disappointed the Street with Coke chairman and CEO Muhtar Kent blaming the global recovery and the weather for weakness: "Our second quarter volume results came in below our expectations, reflecting an ongoing challenging global macroeconomic environment and unusually poor weather conditions in the quarter," he said.

Cramer was stunned by the commentary. "Challenging global macro conditions? What? – Coke isn't a car. It's not even a washing machine!" That is, Cramer doesn't believe very many people stop buying Coke because they're worried about the global economy as Muhtar Kent suggested.

"And weather? Do we stop drinking Coke if it is cooler or rainier in some places? That didn't hold a lot of water with me, either" Cramer said.

Instead the Mad Money host thinks Coke's business model simply relies too much on the popularity of carbonated sodas – especially its namesake beverage.

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"In a world where both sugary and sugar-free soft drinks are under fire for health considerations, I think some diversification away from those drinks would be good for Coca Cola," Cramer said.

And the Mad Money host believes if Coke were to acquire Mondelez, the snack maker spun-off from Kraft, the products would round out Coke's portfolio quite nicely.

"I think the model could be as good for Coke as it is for PepsiCo," Cramer added.

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That is, PepsiCo's Frito Lay division has been a driver of growth with PepsiCo CEO Indra Nooyi focused on healthier snacks.

"To me the combination of the Frito Lay division and the drinks division is what's making PEP the stand out here," Cramer said. "Looking at the latest results, I think Coke told us that it's not enough to be just a drink company, anymore."

Call Cramer: 1-800-743-CNBC

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