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San Miguel schedules Cosmos tender offer late for late December

Philippine food and beverage conglomerate San Miguel Corp. said at the beginning of this month that its unit Coca-Cola Bottlers Philippines Inc. (CCBPI) and Coca-Cola Co. would file a tender offer for…

Philippine food and beverage conglomerate San Miguel Corp. said at the beginning of this month that its unit Coca-Cola Bottlers Philippines Inc. (CCBPI) and Coca-Cola Co. would file a tender offer for the shares held by minor stockholders of Cosmos Bottling Corp. in the third week of December. The tender offer forms part of the agreement signed by San Miguel last month for the purchase of food and beverage group RFM Corp.“s 83.2% stake in Cosmos. The sale was valued at PHP 14 billion. “On the closing date of the Cosmos acquisition, tentatively scheduled for the third week of December 2001, CCBPI and Coca-Cola will file the tender offer statement with the Securities and Exchange Commission,” said San Miguel in a disclosure to the Philippine Stock Exchange. San Miguel said the record date for the tender offer will be at least 10 business days from the closing date of the Cosmos sale. The tender offer period will cover 20 working days and is expected to take place between the third week of January and the first week of February 2002, said San Miguel. The tender offer will complete San Miguel“s acquisition of Cosmos, which will give CCBPI a virtual monopoly in the PHP 50 billion domestic fizzy drinks market. Coca-Cola brands hold around 70% of the market, while Cosmos“ low-priced soft drinks brand has cornered an estimated 20-25% market share.

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