(Alliance News) - Coca-Cola European Partners PLC on Wednesday confirmed a deal to acquire the Coca-Cola Co's 31% stake in Coca-Cola Amatil Ltd.
The Uxbridge, Middlesex-based soft-drinks bottler back in October first presented a 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.
However, in mid-February, CCEP unveiled a "best and final offer" of AUD13.50 per share, valuing the Sydney-listed firm at AUD9.77 billion, about GBP5.47 billion following "recent discussions" with Amatil's board. Amatil's shareholders have backed the improved offer, CCEP said.
As part of the deal, Coca-Cola European Partners had said it would acquire 11% of Coca-Cola Amatil's shares from Coca-Cola in cash, at AUD9.57 per share.
On Wednesday, CCEP said it would now acquire Coca-Cola's remaining 20% interest in Amatil in cash, at AUD10.75 per share. Amatil shares closed flat at AUD13.43 each in Sydney on Wednesday.
The deal remains subject to customary conditions, including Amatil's independent shareholder approval at the scheme meeting, court approval and regulatory approval from the Overseas Investment Office in New Zealand.
Shares in Coca-Cola European Partners closed up 0.7% at EUR44.09 on Wednesday in London.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Coca-cola Euro. (CCEP)