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Coca-Cola takes 100 pct of Philippine bottler, buying out San Miguel


MANILA (XFN-ASIA) - San Miguel Corp said it has signed an agreement to sell
its entire 65-pct stake in the local bottler of Coca-Cola to the Coca-Cola Co.
"The Coca-Cola Co and San Miguel Corp announced that they have signed a
definitive agreement for the sale of SMC's 65 pct shareholding in Coca-Cola
Bottlers Philippines Inc (CCBPI)," the company said in a statement.
"Completion of the deal is still subject to certain conditions," the
statement said without elaborating.
San Miguel spokesmen would not comment on the deal.
Last month, a local newspaper said San Miguel was to sell its share in CCBPI
for 700 mln usd.
CCBPI holds the Coca-Cola bottling agreement for the Philippines, bottling
softdrinks such as Coke, Sprite, other softdrinks and distilled drinking water
and powdered juices.
The Coca-Cola Company owns the Coke brand and held the remaining 35 pct in
CCBPI.
afp


was there a rumour, seo was chasing a contract? with coca-cola