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SMC: Amatil announces resumption of talks

Philippine group San Miguel Corporation (SMC) appears set to regain control of the bottling operations of Coca Cola Amatil (CCA) as a result of CCA“s apparent inability to achieve strong growth in th…

Philippine group San Miguel Corporation (SMC) appears set to regain control of the bottling operations of Coca Cola Amatil (CCA) as a result of CCA“s apparent inability to achieve strong growth in the business and keenness to exit the troubled local economy. SMC sold the bottling operation to CCA in 1997. Australia-based CCA said in a recent statement that it would resume talks with The Coca Cola Company and SMC in January 2001 on the possible sale of the Philippine soft drink operations. US-based Coca Cola owns 37% of CCA, while SMC holds 21.5%, acquired in exchange for the Philippine bottling business. CCA said the talks would not involve its other businesses in Indonesia and South Korea. In October 2000, an offer by SMC and Coca Cola to acquire all three operations for an estimated A$ 2.6 billion was rejected by CCA.

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