AUSTRALIA: CCA in talks to buy Palm Springs - report
Coca-Cola Amatil Ltd is in takeover talks with Palm Springs Ltd, according to press reports. The Australian Financial Review has reported that board members at Palm Springs, the country's second largest delivery spring water group, have met to consider the offer and are believed to favour a bid of between A$0.19 and A$0.23 per share, valuing the company at between A$30 m and A$35 m.
Palm Springs chief executive Chris Borschman told the paper the company would consider its options before making any decision.
A successful takeover would give CCA a 60% share of the water market, up from a current 35%. The company already holds 60% of the carbonated drinks market.
Coca-Cola Amatil last year paid A$300 m for Neverfail Springwater.
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