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Coca-Cola Amatil shares slide on San Miguel sale plan

Coca-Cola Amatil“s second biggest shareholder, San Miguel Corp, plans to sell off its A$ 1.2 billion share in September 1999.
According to a recent report, San Miguel, the Philippines“ largest bre…

Coca-Cola Amatil“s second biggest shareholder, San Miguel Corp, plans to sell off its A$ 1.2 billion share in September 1999. According to a recent report, San Miguel, the Philippines“ largest brewer, hopes to unload its 21.5% stake to institutions world-wide. Shares in Coca-Cola Amatil (CCA) dived by 6% to close at A$ 5.62 on 25 August as analysts warn that the sale of such a big tranche will bring down the share price. Australians can get 20% or 43.82 million of San Miguel“s shares in CCA, to be offered by global sales co-ordinators ABN Amro Rothschild and Warburg Dillon Read. San Miguel said unloading the shares is consistent with the company policy of getting rid of operations it does not control.

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