Coca-Cola refiles notice for bottler acquisition again
In February this year, Coca-Cola unveiled its plan to buy the bulk of its largest bottler in an acquisition deal worth over $10bn including equity and assumed debt.
Following the announcement, the company filed its required notification with the FTC on June 30, only to then withdraw its notification and report form on July 30 following discussions with the US competition authorities.
Coca-Cola then refiled on August 2 and withdrew again on August 24. It plans to refile once again today.
In a statement, Coca-Cola said the refiling would give the competition authorities more time to review its proposed acquisition. It said: “These actions are normal parts of the approval process of major proposed transactions.”
Upon refiling, the FTC will have 30 days to decide whether to issue a “Request for Additional Information” or close its investigation.
By acquiring CEE in North American, Coca-Cola hopes to be able to respond better to changing consumer preferences and get products to market quicker. It is also expected that the company will be able to cut away excess layers of management in sales and marketing. Over four years, the soft drinks maker said it expects to generate operational savings of $350m.