Australia’s Berri fruit juice company has backed away from speculation it is close to agreeing a take-over from soft drink group Coca-Cola Amatil.
Alison Watkins, chief executive of the Melbourne based group, said chairman and chief shareholder Doug Shears remained committed to Berri as an unlisted public company. Coca-Cola
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Amatil, had earlier confirmed an interest in Berri. Hwoever, reports yesterday suggested CCA was pulling back from negotiations over a number of issues, including the age of Berri’s plants.
Berri’s earnings before interest, tax, depreciation and amortisation rose 14% to A$40.8m (US$26.5m) for financial 2002-2003. The rumored price tag for a purchase is A$300-$400m.
“Our shareholders” (Shears and institutional investors) “are confident about Berri’s future and their stance in negotiations with prospective buyers reflects this positive outlook,” Watkins said.
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