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.