AUS: CCA completes sale of South Korean business
Coca-Cola Amatil has completed the sale of its South Korean bottling operations to LG Household & Health Care.
The Australian soft drinks company said today (24 October) that it received A$520m (US$467m) from LGH&H, inclusive of net debt of $106m, for Coca-Cola Korea Bottling Company.
CCA managing director Terry Davis said: "We are pleased to have successfully completed the sale of CCA's Korean business to LGH&H following an extensive sale process. This sale delivers on a key outcome of our 2007 strategic review process."
The company said that it will provide a trading update on its current business performance and forecast 2007 full-year outlook on 5 December.
CCA recently ended its discussions with Golden Circle Limited about the potential acquisition of GCL after the fruit processor rejected its revised offer in favour of another bid. CCA had offered A$1 per share for Golden Circle, valuing the target at about $210m (US$185.7m) including $130m in debt.
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