Coca-Cola Amatil Ltd. Said it has not received a new proposal from its parent company, Coca-Cola Co. (KO), and San Miguel Corp. to buy its Asian operations, despite a recent report in he Philippine Da…
Coca-Cola Amatil Ltd. Said it has not received a new proposal from its parent company, Coca-Cola Co. (KO), and San Miguel Corp. to buy its Asian operations, despite a recent report in he Philippine Daily Inquirer suggesting a new, much-improved offer. “No other proposal has been received” since the rejection by CC-Amatil a week ago of a proposal to sell its Indonesian, Philippines and South Korean businesses to its two largest shareholders, a Coca-Cola Amatil spokesman said. Coca-Cola Co. controls 37% of the Australian-based bottler and San Miguel controls 25%. If a second proposal does emerge, it will need to be assessed by the independent directors, which hold seven of Coca-Cola Amatil“s 13 board seats. However, it won“t necessarily be immediately made public, as listed companies don“t have to release incomplete commercial arrangements to the market. San Miguel also said it has nothing to disclose on the article in the Manila newspaper. The paper reported that a source said Coca-Cola Co. and San Miguel are likely to improve their offer from the A$2.6 billion bid for the Philippines, Indonesian and South Korean operations. Coca-Cola Amatil has not disclosed the value of the offer made for the Asian assets.