Coca-Cola Agrees to Sell Stake in Australian Bottler for $1.6 Billion as Part of Wider Buyout Deal

Coca-Cola (NYSE: KO) has agreed in principle to divest one of its top equity stakes as part of a multibillion-dollar deal between two of its peers. Coca-Cola European Partners (NYSE: CCEP), a bottler based on that continent, has made a non-binding offer to buy out Australian bottler Coca-Cola Amatil in a transaction valued at 9.28 billion Australian dollars ($6.6 billion).

Coca-Cola is a major shareholder in the latter company, holding a nearly 31% stake, and will be a major part of the transaction. For handing over its shares to European Partners, the beverage giant will receive roughly $1.6 billion in cash and stock.

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Source Fool.com