The three companies expect to complete the deal through public tender offers for the remaining shares of CCP and Baru. These tender offers will begin as soon as possible, the companies said, and, in accordance with Panamanian company law, will remain open for 30 days, unless extended. The deal is expected to be completed during the fourth quarter of 2002.
PANAMA: Panamco to take over Coca-Cola de Panama
As part of a joint deal with Heineken and its partner in Latin America, Florida Ice and Farm Company (FIFCO), Panamco, the region's largest soft drinks bottler, is to take control of the Panamanian bottler, Coca-Cola de Panama (CCP). The companies announced that through the issue of 3.9m new shares in CCP, they have acquired direct control of CCP and indirect control of Baru, which is 52%-owned by CCP.