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(Alliance News) - Coca-Cola European Partners PLC on Monday said it received regulatory approval from the Australian Foreign Investment Review Board to acquire Coca-Cola Amatil Ltd.
Coca-Cola Amatil is a bottler and distributor of ready-to-drink non-alcoholic and alcoholic beverages and coffee in the Asia Pacific region, operating in Australia, New Zealand, Indonesia, Papua New Guinea and Fiji.
Following the approval by FIRB, the Uxbridge, Middlesex-based soft-drinks bottler said it still needs regulatory approval from the New Zealand Overseas Investment Office as well as its own independent shareholder approval.
In late October last year, Coca-Cola European Partners announced its plan to acquire 69% of Sydney-based Coca-Cola Amatil from investors, as well as the remaining 31% from Coca-Cola Co, for a total value of AUD8.7 billion.
The acquisition will create a broader and more balanced footprint for the Coca-Cola European Partners whilst almost doubling its consumer reach, with the aim of ultimately driving sustainable and faster growth, through geographic diversification and scale, Coca-Cola European Partners said.
Coca-Cola European Partners currently operates in the UK, France, Germany, Spain and Portugal, the Benelux region, and Sweden and Norway.
Coca-Cola European Partners shares were up 1.2% at EUR38.70 each in London on Monday morning. Coca-Cola Amatil shares closed 0.2% higher at AUD13.11 on Monday in Sydney
By Greg Roxburgh; gregroxburgh@alliancenews.com
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