Coca-Cola Amatil Advances Takeover Bid from European Bottler
By Mike Cherney
SYDNEY--Australian bottler Coca-Cola Amatil Ltd. said it entered
into a formal agreement for European bottler Coca-Cola European
Partners PLC to acquire most shares in the company, and that
shareholders will vote on the plan in early 2021.
The deal was announced last week, but Coca-Cola European
Partners has completed the due diligence that was a condition of
entry into the formal agreement, called a scheme implementation
Investment funds, mom-and-pop investors and other so-called
independent shareholders that own 69% of Coca-Cola Amatil will vote
on the plan. The other 31% of Coca-Cola Amatil is owned by
Atlanta-based Coca-Cola Co., which has concluded a separate
agreement to sell its stake to Coca-Cola European Partners, a
bottler of Coke products in Western Europe.
Coca-Cola Amatil said the deal could be complete by March or
April next year. It said its directors had unanimously recommended
Coca-Cola Amatil shareholders are being offered A$12.75 per
share to sell their stake. Coke agreed to sell its stake to
Coca-Cola European Partners at roughly A$10 per share.
In recent years, Atlanta-based Coke has moved to reduce exposure
to costly bottling operations and focus instead on its more
lucrative concentrate-making business. A few years ago, it
completed a raft of deals to transform its U.S. bottling business
from a largely company owned system to one that is run by
Write to Mike Cherney at firstname.lastname@example.org
(END) Dow Jones Newswires
November 03, 2020 18:06 ET (23:06 GMT)
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