Coca Cola (NYSE:KO)
Historical Stock Chart
2 Months : From May 2019 to Jul 2019
By Colin Kellaher
Coca-Cola Co. (KO) on Monday said it has ended plans to refranchise Coca-Cola Beverages Africa, opting instead to keep its majority stake in the bottler for the foreseeable future.
The Atlanta beverages giant said it held talks with a number of potential partners for CCBA, the largest bottler of Coca-Cola beverages in Africa, but that it ultimately decided that it was "in the best interests of all involved for Coca-Cola to continue to hold and operate CCBA."
Coca-Cola, which has accounted for CCBA as a discontinued operation since it became the controlling shareowner in October 2017, said it will reclassifying the bottler's results into continuing operations in the second quarter.
The company said the reclassification won't affect its full-year organic revenue and adjusted EPS growth guidance.
Coca-Cola said the while it remains committed to the refranchising process, it sees "great opportunities to create even more value" with CCBA, which serves 12 countries in Africa.
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
May 20, 2019 07:27 ET (11:27 GMT)
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