Israel's Central Bottling has dropped out of the bidding for Coca-Cola Amatil's South Korean operations.

Central Bottling, which owns the Coca-Cola bottling franchise in Israel, withdrew from the bidding for the South Korean business due to the tight timetable, according to reports.

Earlier in the month, two names surfaced to also be in the running for CCA's South Korean operations.

LG Household & Health Care Co. confirmed last month that it has made a bid for Coca-Cola Korea Bottling Corp. SPC Group in South Korea threw its hat into the ring late last month.

Local reports have also suggested that CVC, Coca-Cola_FEMSA and Woongjin Capital are also interested in acquiring the unit.

While Goldman Sachs JBWere, enlisted by CCA to assess ownership options for the South Korean business, has estimated the value to be between A$400m (US$332m) and A$500m, South Korean media reports have suggested the operations could garner as much as A$1bn.

CCA will take a decision on whether to sell the unit later in the month.