Amatil sells RP subsidiary

Amatil sells RP subsidiary

MANILA (AFP): Philippine brewer San Miguel Corp. and The
Coca-Cola Co. of the United States are to acquire the local Coke
bottler from Coca-Cola Amatil Ltd. of Australia for US$1.24
billion, San Miguel said Tuesday.

Under the agreement Amatil, the Australian firm that bottles
the softdrink throughout Asia, will sell Coca-Cola Bottlers
Philippines Inc. to San Miguel and The Coca-Cola Co. through a
share, cash and debt transaction valued at 2.25 billion
Australian dollars ($1.24 billion).

This will leave San Miguel in full management control of the
local bottler with a 65 percent shareholding. The balance will be
held by the US firm, the statement added.

San Miguel had swapped its majority stake in Coca-Cola
Bottlers Philippines to a minority stake in Amatil in a 1997
agreement.

With the re-acquisition, "San Miguel becomes the undisputed
leader in the Philippine beverage market," the San Miguel
statement said.