Coca-Cola Amatil has said that it does expect to purchase the assets of Fosters Group

Coca-Cola Amatil has said that it does expect to purchase the assets of Foster's Group

Coca-Cola Amatil (CCA) has maintained its expectation that it will buy the Foster's Group assets it is entitled to under the terms of SABMiller's proposed takeover of the Australian brewer.

Last month, SABMiller agreed a deal to buy Foster's Group, valuing the business at AUD12.3bn (US$12.6bn), including debt. Under the terms of the deal, SABMiller will buy CCA out of their Pacific Beverages joint-venture, while CCA will be granted the right to acquire Foster's spirits, non-alcoholic and pre-mix drinks businesses.

A spokesperson for CCA told just-drinks today (5 October), that it does expect to purchase the assets but said the company could not be more definitive on its plans.

"When ... the sale of Foster's Group to SABMiller goes through, CCA will have the right to acquire the Foster's Group assets outlined in our ASX announcement," the spokesperson said. "We can't yet definitively [confirm] that we will buy them - only that we expect to."

In June, when Foster's rejected SABMiller's first bid, CCA said that, were it to purchase the assets, which have been valued at around AUD$200m, it would do so at multiples ranging from five to ten times EBITDA.

The Australian bottler has said it expects to receive around AUD$305m from SABMiller for the joint-venture buy-out. However, the deal contains a two-year non-compete clause for CCA in its domestic beer market.

Nonetheless, CCA has hailed the takeover agreement as "a great deal" for the company and its shareholders, representing "a strong return on our investment".