Mexico's Coca-Cola FEMSA, the largest bottler of coke products
globally, has signed an agreement to buy 51 percent of Coca-Cola
Bottlers Philippines Inc. (CCBPI) for $688.5 million.
“Affiliates of The Coca-Cola Company, the worlds largest beverage
company, have signed a definitive agreement whereby Coca-Cola FEMSA will
acquire a stake of 51 percent of Coca-Cola Bottlers Philippines Inc.,”
listed Cosmos Bottling Corporation, where CCBPI holds a majority stake
through wholly-owned Philippine Bottlers Inc., confirmed in a disclosure
to the stock exchange Thursday.
In a
statement, Coca-Cola FEMSA said it has the option to buy the remaining
49 percent of CCBPI “at any time” during a seven-year period after the
transaction closes early 2013.
It will also have a put option to sell its ownership to The Coca-Cola Company in the sixth year after closing.
Coca-Cola FEMSA chief operating officer Carlos Salazar Lomelin said the
acquisition is part of their strategy to expand globally.
“Through this transaction, we strengthen our position in the global
beverage industry,” Lomelin was quoted as saying in a statement.
“Our brands and our business have very deep roots in the Philippines,
and we look forward to working with our strong partners at Coca-Cola
FEMSA to capture future opportunities for growth and investment and
bring even more social and economic value to customers and communities
throughout the country,” Muhtar Kent, chairman and chief operating
officer of The Coca-Cola Company, said in the same statement.
Both CCBPI and Coca-Cola FEMSA operates as a wholly owned subsidiary of Atlanta-based The Coca-Cola Company.
CCBPI has 23 production plants and serve close to 800,000 customers in the Philippines. — Siegfried Alegado/VS, GMA News
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