* FTSE 100 flat at close
* CCH up after Coca Cola buys AB InBev Africa bottling stake
* Ashtead gains following target price increase
* QinetiQ rises after deal for Meggitt defence unit (Recasts, adds quote and detail, updates prices at close)
By Kit Rees and Alistair Smout
LONDON, Dec 21 (Reuters) - Britain's top share index endedlittle changed on Wednesday after reaching a two-month high,though a rise in Ashtead Group and bottler Coca-ColaHellenic provided support.
The FTSE 100 was flat at 7,041.42 points at its close, withtrading volume low.
The index had touched a fresh two month high in early deals,having posted its highest close since October 11 in the previoussession.
Coca-Cola Hellenic (CCH) was up 1.3 percent afterCoca-Cola bought a majority stake in an African bottlingfirm from AB InBev for $3.15 billion.
Coca-Cola said it planned to hold all operations temporarilyuntil they can be refranchised to other partners. Its existingbottling partners include Coca-Cola European Partners andCoca-Cola Hellenic.
Analysts said that CCH was well positioned to secure thebottling rights due to its experience in Africa, and that thedeal looked like good value, coming in under expectations of $4billion or more.
Shares in Ashtead climbed 1.3 percent after CreditSuisse raised its target price for the stock, citing a boost forthe stock from its U.S. exposure.
"We raise our FY18E and FY19E estimates ... reflecting astronger demand outlook in the wake of the U.S. presidentialelection, along with some assumed benefit of a falling effectivetax rate on the group's dominant US activities," analysts atCredit Suisse said in a note.
Oil & gas stocks retreated 0.1 percent, withRoyal Dutch Shell down 0.4 percent after oil pricesedged lower on a surprise build in U.S. crude inventories.
Falls on the FTSE 100 were broad-based, with fund firmHargreaves Lansdown down 3 percent, health care stockHikma down 1.4 percent and Merlin Entertainments dropping 1.2 percent.
Capita fell after Goldman Sachs cut its target priceon the stock to 595p from 771p, but recovered some of its lossesto end 0.7 percent lower.
The investment bank said it expected free cash flow todecline around by about 3 percent each year for the next twoyears following Capita's recent trading update. Earlier in themonth the company gave its second profit warning in threemonths.
"In general, we see risks that the company's restructuringplan will not address the major concerns we have about biddingprocess and increasing cyclicality of the business model,"analysts at Goldman Sachs said in a note, reiterating a"neutral" rating on the stock.
Among mid-caps, QinetiQ was up 4.4 percent after itagreed to buy Meggitt's defence business. Liberum said the dealwould enhance QinetiQ's position in global test and aviationsectors. (Reporting by Alistair Smout and Kit Rees; Editing by AlisonWilliams)