UK: Britvic, AG Barr shareholders to vote on merger next month
The new company expects to start trading shares by the end of next month
In filings to the London Stock Exchange (LSE) this week, the two firms revealed that separate shareholder meetings will be held next month to finalise the GBP1.4bn (US$2.25bn) merger. The new company, Barr Britvic Soft Drinks plans to start trading shares on the LSE by 31 January.
The Office of Fair Trading announced last month it was investigating any competition issues over the creation of one of Europe's largest soft drinks producer. The deadline for submissions was last week.
Meanwhile, departing Britvic chief executive Paul Moody will get a GBP2.9m (US$4.7m) pension as part of his exit terms, according to reports. He will also be kept on as a consultant for six months after the merger.
Roger White, who will be CEO of the merged company, will get a salary of GBP530,000 per year, along with an annual bonus of up to 125% of his salary.
Up to 500 staff are expected to lose their jobs over the next three years as a result of the merger.
To see just-drinks' full coverage of AG Barr and Britvic's proposed merger, click here.
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