San Miguel Corp. and Coca-Cola Co. are continuing their discussions on the ownership of Coca-Cola Bottlers Philippines (CCBPI).

In a statement to the Philippines Stock Exchange, San Miguel said that the present discussions include negotiations over Coke taking at least a majority stake in, and management and operational control of, CCBPI.

San Miguel owns 65% while Coca-Cola holds the remaining 35% of CCBPI.

The bottler saw volumes slide by 8% last year to 520m cases. Reports in May suggested that Coke planned not to renew CCBPI's license to bottle its products from the end of last month.

"The company stresses that the discussions are ongoing and no definite agreements have been reached," San Miguel said.