AUS: Coca-Cola Amatil closes share buy-back
Coca-Cola Amatil has completed a A$170m (US$151.1m) share buy-back transaction.
The Australia-based company, which late last year acquired a premium brewer in the country, said yesterday (29 January) that it has bought back a total of 21.7m shares at a price of A$7.84 each, a 14% discount on the market price of A$9.11. The tender response was so positive, CCA said, that the company applied a scale back to the offer of 60.38%.
CCA originally announced the buy-back plan late last year, after it sold Coca-Cola Korea Bottling Co. in South Korea to LG Household and Health Care for US$467m in October.
"The successful completion of the buy-back delivers on our commitment to use part of the proceeds from the sale of the South Korean business to return capital to shareholders," said CCA's managing director, Terry Davis. "Following the sale of South Korea and the completion of the buy-back, CCA's financial ratios have been further strengthened and the company remains in a very strong position to continue the development of its multi-beverage strategy in 2008."
In December, CCA acquired Australia's Bluetongue Brewery for an undisclosed sum through its joint venture with SABMiller in the country.
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