The deal will give Grupo Tampico 63.5m newly issued Coca-Cola FEMSA shares

The deal will give Grupo Tampico 63.5m newly issued Coca-Cola FEMSA shares

Coca-Cola FEMSA has announced the completion of its merger with the bottling division of privately-held Mexican conglomerate Grupo Tampico.

The merger, valued at MXN6.55bn (US$555m), was announced in June. The agreement will see Grupo Tampico receive 63.5m newly-issued Coca-Cola FEMSA shares valued at MXN103.20 pesos per share.

Coca-Cola FEMSA shareholders approved the merger in a meeting yesterday (10 October), during which three directors were also appointed to the Coca-Cola FEMSA board, increasing the board's size to 21. Herman Fleishman and Robert Fleishman, president and VP of Grupo Tampico, were appointed as a director and alternate director respectively.

"We are very pleased to have successfully closed this transaction in a relatively short period of time," said Coca-Cola FEMSA's director general, Carlos Salazar. Coca-Cola FEMSA said it will begin to integrate the results of the beverage division of Grupo Tampico from this month.