Coca-Cola unit to acquire 34 pct of Tokyo Coca-Cola Bottling |
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Tue, 26 Jun 2007 06:25
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TOKYO (Thomson Financial) - Coca-Cola Japan Co, a wholly owned subsidiary of Coca-Cola Co of the US, said it reached an agreement to acquire a 34 pct stake in Tokyo Coca-Cola Bottling Co, hoping to help the company carve out new strategies to deal with a maturing domestic soft drink market.Coca-Cola Japan currently supplies basic materials to the unlisted Tokyo bottling firm but does not own shares. It's US-based parent also does not have a stake in Tokyo Coca-Cola Bottling.Coca-Cola Japan said it will subscribe to new shares of Tokyo Coca-Cola Bottling through a private placement in order to secure veto rights.Financial terms were not disclosed.'As strategic partners, both companies will collaborate in tackling new initiatives in the Tokyo market as they head toward the future, and will strive towards realizing synergies for the Coca-Cola system in order to achieve sustainable growth at a level higher than at present,' the companies said in a statement.The Japanese unit of Coca-Cola will dispatch a new president to Tokyo Coca-Cola and appoint one third of the latter's board, but said that incumbent representative director and president, Keiji Takanashi, will continue as chairman and CEO.tf.TFN-Europe_newsdesk@thomson.comyas/vs/vsCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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