Pepsi-Cola has signed up a most unlikely ally, General Mills' Wheaties, in a promotion for its All Sport, a sports drink that does battle with Quaker Oats Co.'s Gatorade.

Pepsi confirmed Wednesday that a selected number of 12-ounce Wheaties boxes bear a coupon on the front panel redeemable for a free 32-ounce bottle of All Sport.

Quaker bound?: What does Quaker Oats Co.'s $1.7 billion cash acquisition of Snapple Beverages do to that client's relationship with Manhattan agency Kirshenbaum & Bond? Snapple was a $23.6 million ad account in 1993, according to Competitive Media Reporting, and, no doubt, Kirshenbaum would like to hold on to this business. Kirshenbaum has a reputation as a creative shop, but Quaker has its own set of agencies headed by Bayer Bess Vanderwarker in Chicago and Jordan, McGrath, Case & Taylor in New York. Bayer Bess has regular Gatorade; Jordan, McGrath works on Quaker's SunBolt and the agency reportedly has the ad assignment on a new diet Gatorade due out by mid-1995. Kirshenbaum would give Quaker another creative resource, but the Chicago firm's current agencies would do a lot of grousing about this. J. Walter Thompson USA Chicago also is a Quaker agency on pet foods. JWT New York does advertising for Lipton ready-to-serve iced teas as part of the Pepsi-Cola Thomas J. Lipton partnership. So don't look for JWT to pick up a liquid assignment from Quaker.