Nestle, Coca-Cola finalise beverage joint venture agreement |
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Tue, 27 Mar 2007 17:43
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ZURICH (AFX) - Nestle AG and Coca-Cola Company have reached a final agreement to refocus the activities of their 50:50 Beverage Partners Worldwide (BPW) joint venture.No financial details were disclosed. Subject to regulatory approval, the agreement is expected to close by 30 April.Nestle said it has licensed its Nestea and Enviga brands to The Coca-Cola Company in the US and to BPW for the rest of the world.Under the agreement, BPW will cover the total ready-to-drink tea category worldwide except in the US and Japan, it said.Furthermore, both groups can develop or acquire additional tea brands to compete on the US and Japanese markets, while BPW will be able to do the same in the rest of the world, to compete with other market players, it said.As agreed last November, coffee will no longer be part of BPW's business and, consequently, Nescafe ready-to-drink coffee will be returned to Nestle.Both Nestle and Coca-Cola will be free to compete in coffee beverages and non-tea functional beverages worldwide.afx.zurich@afxnews.comckj/sljCOPYRIGHTCopyright 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.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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