PHILIPPINES: San Miguel, Coke talks rumble on
Philippines food and drink group San Miguel Corp. and Coca-Cola Co. are continuing talks over their bottling venture Coca-Cola Bottlers Philippines (CCBPI).
San Miguel said in a disclosure to the Philippine Stock Exchange: "The company confirms that discussions are still going on between itself and The Coca-Cola Company."
San Miguel owns 65% while Coca-Cola holds the remaining 35% of CCBPI, but the bottler saw volumes slide 8% last year to 520m cases. Reports in May suggested that Coke planned not to renew the license of CCBPI to bottle the US beverage company's products from the end of last month.
A future licensing agreement could require San Miguel to pay royalties to and buy its soft drink concentrates from Coca-Cola, which in return would shoulder advertising and marketing costs, reported Dow Jones.
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