MEXICO: Coca-Cola FEMSA completes Grupo Tampico merger
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.
Ratings agency Moody's has doubts about Coca-Cola FEMSA's ability to integrate a bottling business in Asia, after it emerged a deal in the Philippines is on the cards....
Coca-Cola FEMSA has entered negotiations to purchase a controlling stake in The Coca-Cola Co's Philippines unit....
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