Coca-Cola acquires San Miguel's 65 pct stake in Philippine bottler |
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Published
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Thu, 22 Feb 2007 04:43
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MANILA (XFN-ASIA) - The Coca-Cola Co has closed a deal to acquire food and drink conglomerate San Miguel Corp's 65 pct stake in Coca-Cola Bottlers Philippines Inc (CCBPI) for 590 mln usd, a joint statement said.Coca-Cola now fully owns CCBPI, which also owns Cosmos Bottling Co and Philippine Beverages Partners Inc.'This transaction provides San Miguel the opportunity to focus on its core business areas in the Philippines and its planned expansion througout the region,' San Miguel chairman Eduardo Cojuangco Jr said.'Coca-Cola has been sold in the Philippines since the beginning of the 20th century and has been locally produced since 1927. This is a very important market for us, and we believe our business here has great potential,' said Muhtar Kent, president and chief operating officer of Coca-Cola.'We look forward to continued cooperation with San Miguel, who will remain a key supplier to our business.'San Miguel is to develop its own domestic beverage business, the statement said, although the company had previously disclosed a non-competition clause effective for five years under the deal struck with Coca-Cola last year.erik.delacruz@xfn.com
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