(Alliance News) - Coca-Cola European Partners PLC said Wednesday it intends to change its name to Coca-Cola Europacific Partners PLC following its acquisition of Sydney-based bottling peer Coca-Cola Amatil Ltd.
Coca-Cola European Partners said the name change will be effective upon completion of the Amatil acquisition on May 10. It noted that Amatil shareholders had voted in favour of the deal last week.
CCEP is paying AUD13.50, about GBP7.59, per share in cash for the 69% of Amatil owned by independent shareholders. CCEP will then buy the remaining 31% held by US brand owner Coca-Cola Co for a lower price. The deal valued Amatil at AUD9.77 billion, about GBP5.40 billion.
CCEP operates in the UK, France, Germany, Spain and Portugal, the Benelux region, and Sweden and Norway, while Amatil operates in Australia, New Zealand, Indonesia, Papua New Guinea and Fiji.
Coca-Cola European Partners said it will provide a trading update for the quarter that ended April 2 on May 11.
CCEP shares were up 0.1% at EUR45.48 in London early Wednesday. The company, which also is listed in New York, has a market capitalisation of about USD25.12 billion.
By Tom Waite; thomaslwaite@alliancenews.com
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Coca-cola Euro. (CCEP)