AUSTRALIA: Coca-Cola Amatil armed with A$500M for acquisitions
Coke and soft drink bottler Coca-Cola Amatil Ltd has said that it has up to A$500m to spend on acquisitions in the coming year.
Managing Director Terry Davis told Australian televsision yesterday that the money would allow the company to make a large acquisition. However the likelihood is that the warchest will be used to continue making smaller bolt-on acquisitions.
"There's nothing on the horizon that we can say, yes we're going to go out and spend A$400 million of A$500 million on that tomorrow but clearly our capacity is improving every month and we will use that capacity where we can look at acquisitions that make sense strategically and can improve our return on capital employed," Davis told the Channel Nine programme Business Sunday.
"Well, I think that's our available spend whether we spend that as one transaction or whether it's a series of transactions like the bolt-ons we've just done - one in Victoria and one in New Zealand - (it's) more likely to be smaller enhancing bolt-ons than a sort of mega deal," he added.
Coca-Cola Amatil (CCA), recorded a 21.9% increase in net profit from its ongoing businesses in the six months to 28 June from A$77.3m to A$94.2m. The first-half net profit growth was double the market forecasts which had been for around A$85m
Coca-Cola Amatil Limited (CCA) and the Coca-Cola Company recently agreed a deal to jointly acquire Rio Beverages Limited in New Zealand for approximately NZ$40 million (approximately A$35m).
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