Soft drink bottler Coca-Cola Amatil Ltd exited its Philippines business with an A$ 2.25 billion sale of the troubled unit to its major shareholders.
The deal, which involves a mix of cash, debt assum…
Soft drink bottler Coca-Cola Amatil Ltd exited its Philippines business with an A$ 2.25 billion sale of the troubled unit to its major shareholders. The deal, which involves a mix of cash, debt assumption and cancellation of Amatil shares held by San Miguel and Coke, would allow C-C Amatil to book a gain of A$ 370 million, the company said. On completion of the deal, C-C Amatil plans a 40 cents a share capital return to shareholders. Under the deal all of San Miguel“s 219.4 million shares in C-C Amatil will be cancelled, while about 149 million of Coke“s C-C Amatil shares will be cancelled, leaving the US-based Coke with 36% of the restructured capital. C-C Amatil also receives A$ 495 million in cash and/or assumption of its debt.