The Coca-Cola Co. has taken full control of its bottler in the Philippines after buying out venture partner San Miguel Corp.

Coke will pay the Philippines conglomerate US$590m over five years for its 65% shareholding in Coca-Cola Bottlers Philippines (CCBPI).

The deal gives Coke 100% of a bottler that has seen sales and earnings fall in recent months due in part to rising raw material costs.

A Coke spokesman in Atlanta said the US-based soft drinks giant wanted greater control of the bottling of its products in what is a "top 10 market" for the company.

"We want to improve the efficiency of our business in that market," the spokesman said, adding that it was "too early" to gauge why the CCBPI business had suffered.

The agreement, first announced on 27 December, brings an end to months of talks between Coke and San Miguel over the future of the venture.