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Amatil’s independent directors, including managing director Alison Watkins, have unanimously recommended that stakeholders vote in favor of the plan, subject to the findings of an independent expert, in the absence of a better plan.

With the transaction ending in late March or early April, shareholders are expected to vote on the proposed agreement in early March. The proposed sale still requires partner, court and regulatory approval.

Some Amatil shareholders have expressed reservations about the deal, saying it is “opportunistic” because Amatil’s share price and its sales have been significantly affected by COVID-19 this year.

The giant American Coca-Cola business, known as The Coca-Cola Company, has welcomed the recent boom in sales.

“This is a positive development for the partners of both companies and the Coca-Cola system as a whole. We hope that the move towards a combination of CCEP and Amatil’s significant strengths and capabilities will open up further growth and value in their respective markets,” it said.

The Coca-Cola Company has long owned 30.8 percent of Coca-Cola Amat, but under a $ 9.3 billion deal it will sell its shares to the European Coca-Cola business in cash and issue CCEP shares.

CCEB CEO Damien Kammel said the strategic rationale behind the deal was compelling.

“This is a fantastic opportunity to bring together the two best bottles in the world and bring rapid and sustainable growth,” he said.

Shares of Coca-Cola Amat rose 0.7 percent to $ 12.55 just before 3 p.m. Under the proposed 3 9.3 billion deal, Amat shareholders will be paid 75 12.75 per share in cash.

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Cory Weinberg

About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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