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- It looks like a European beverage giant’s bid for Coca Cola Amatil (CCL) could become a reality after both companies inked a crucial deed today
- Coca Cola European Partners (CCEP) lobbed a shock acquisition bid for its Australian counterpart last month, offering $9.3 billion to take over the company
- Amatil’s independent shareholders could receive $12.75 in cash for every share they hold, branding the company with a $10.87 billion enterprise value
- If all goes to plan, TCCC’s European and Australian arms will fuse in one of the largest consolidations executed in the global beverage market
- As the major takeover bid starts to take shape, Coca Cola Amatil shares rose 0.72 per cent
- The ASX-200 lister is trading for $12.55 per share
It looks like a European beverage giant’s bid for Coca Cola Amatil (CCL) could become a reality after both companies inked a crucial deed today.
Coca Cola European Partners (CCEP) lobbed a shock acquisition bid for its Australian counterpart last month, offering $9.3 billion to take over the company.
Now, that deal is gaining traction, with both parties signing a scheme implementation deed (SID).
The deed stipulates Amatil’s independent shareholders will receive $12.75 in cash for every share they hold, minus any dividend paid out in 2020’s second half. That deal gives CCL a $10.87 billion enterprise value.
Under the main acquisition, that’ll provide CCEP with a near-70 per cent holding in Coke’s Australian arm. But in a separate deal, the European business is also looking to buy the remaining 30 per cent stake from both businesses’ global parent — the Atlanta-based The Coca-Cola Company (TCCC).
CCL directors have already thrown their weight behind the deal, announcing they intend to back the bid when it reaches a vote early next year.
If all goes to plan, TCCC’s European and Australian arms will fuse in one of the largest consolidations executed in the global beverage market.
As the major takeover bid starts to take shape, Coca Cola Amatil shares rose 0.72 per cent. The ASX-200 lister is trading for $12.55 per share at 1:24 pm AEDT.
