Arizona Beverages hails court settlement

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Arizona Beverages has said a final settlement in a long-running court battle between its two founders will safeguard the future of the company.

Arizona said it was "thrilled" with the deal

Arizona said it was "thrilled" with the deal

Domenick Vultaggio had been trying to buy John Ferolito's equal 50% stake in the soft drinks company for about a decade, but the two sides failed to agree on how much their company is worth. The dispute went to court in 2010, and on Tuesday a settlement was given preliminary approval by a New York state judge, according to Reuters.

Exact terms of the deal were not disclosed.

Speaking to just-drinks via its lawyers yesterday, Arizona Beverages confirmed the settlement and said: "Arizona is thrilled with the proposed settlement, which should be finalised shortly ... . The settlement will enable the company to buy out the Ferolitos at a price they find acceptable yet remain profitable as well as financially healthy for its nearly 1,000 employees."

An earlier ruling had estimated the company to be worth US$2bn, a price that was less than the $3.2bn Ferolito claimed the company is worth, but more than Vultaggio's $426m price tag.

Sectors: Soft drinks, Water

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