Coca-Cola Amatil Amends SABMiller JV, Paves Way For Foster's Bid
June 20 2011 - 6:32PM
Dow Jones News
Coca-Cola Amatil (CCL.AU) and SABMiller Plc.(SAB.JO) are
amending the terms of their joint venture amid a bid for the South
African listed brewer to bid for Australian beer maker Foster's
Group Ltd. (FGL.AU).
Coca-Cola Amatil said in a statement its arrangement surrounding
its existing joint venture, Pacific Beverages, limit SAB Miller's
ability to buy shares in Foster's in its own right. A spokesman for
SAB Miller declined to comment.
Under the changes to the joint venture, if SAB Miller makes an
offer for Foster's within five years and acquires at least 50.01%
of the company, SAB Miller is entitled to acquire Coca-Cola
Amatil's interest in Pacific Beverages and Coca-Cola Amatil will
have the right to take over parts of Foster's business.
"These amendments are designed to deal with the situation where
SAB Miller wishes to acquire FGL and we don't," said Terry Davis,
managing director of Coca-Cola Amatil.
-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095;
gavin.lower@dowjones.com
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