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San Miguel denies buying back Coca-Cola stake

Philippine food and beverage conglomerate San Miguel Corp. recently denied a report which said that it plans to regain control of softdrink producer Coca-Cola Bottlers Philippines Inc.
“The company …

Philippine food and beverage conglomerate San Miguel Corp. recently denied a report which said that it plans to regain control of softdrink producer Coca-Cola Bottlers Philippines Inc. “The company wishes to clarify that there are no proposals to either Coca-Cola Amatil or Coca-Coca Bottlers Philippines Inc. regarding this matter,” San Miguel said in a statement to the stock exchange. A Manila newspaper reported that San Miguel plans to buy back a 70% stake in Coca-Cola Bottlers, which it swapped in 1997 for a 25% stake in Coca-Cola Amatil Ltd.. In 1998, San Miguel sold several assets, including a minority stake in Coca-Cola Amatil“s European operations, and raised more than US$ 1.2 billion for future investments in food and beverage companies. In the past 12 months, San Miguel has bought a bottled water concern, a juice company, and an Australian beer maker.

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