Coca-Cola Europe offers € 5.2 billion for one of the largest bottlers in Asia and the Pacific

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The American multinational accumulates a 12% drop in income between January and September due to the drop in sales in the hospitality industry

Coca-Cola European Partners, the largest independent bottler of the US beverage brand, has launched a non-binding offer to acquire Coca-Cola Amatil, one of the largest beverage and coffee bottlers and distributors in the Asia-Pacific region . The operation would be valued at about 5,200 million euros, as reported by the firm this Monday to the National Securities Market Commission (CNMV).

The Sydney-based company has 670,000 active drinkers and 270 million potential consumers, according to the corporation in a statement sent to the stock regulator. The company estimates that the transaction would practically double its number of consumers, and help it grow “through geographic diversification and scale.”

The board of directors of the European company, in charge of bottling Coca-Cola and other beverages, has made a non-binding offer to acquire both 69.2% of the Australian corporation from independent shareholders, and the 30.8% that owns The Coca-Cola Company, although the success of the operation is conditional on receiving the go-ahead from the Australian authorities. Independent shareholders of the Sydney company would receive AU $ 12.75 per share in cash, representing a 23% premium over the average price last week, while The Coca-Cola Company would receive AU $ 9.57 per share. Title.

In total, the offer made by Coca-Cola European Partners would initially be valued at approximately A $ 8.7 billion (€ 5.2 billion), with a total company value of A $ 10.8 billion (€ 6.5 billion). The board of directors of the Australian bottling company, after concluding the process of due diligence, intends to recommend that it be accepted “in the absence of a superior offer”, considering that the outline of the proposal is “fair and reasonable”, for the “best interest” of independent shareholders.

“We are very excited to announce a non-binding proposal to acquire Coca-Cola Amatil, one of the largest bottlers and distributors of ready-to-drink beverages and coffee in the Asia-Pacific region. It is a unique opportunity to combine two of the best bottlers in the world, including one of the most attractive emerging markets. This larger platform would allow us to scale even faster than before and strengthen our position as the largest Coca-Cola bottler by revenue ”, stressed the CEO of the European group, Damian Gammell.

In a context marked by the Covid-19 health crisis, Coca-Cola European Partners has announced a dividend of 0.85 euros per share for 2020, which represents a pay out 50% The distribution is accompanied by a cut in expenses of between 200 and 250 million euros in the areas of marketing, promotions, travel or incentives and will close this year with investments of 350 million euros.

On the other hand, the company has updated the revenue figures for the third quarter, with a fall of 3%, to stand at 3,179 million euros, although the decrease is higher, 12%, in the first nine months of the year, in which 8,016 million euros entered their coffers. Hospitality sales fell 17.5% in the third quarter, an improvement from the 50% slump in the second, and grew 6% in households, also above the 3.5% decline in the second quarter.

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