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AUSTRALIA: CCA reviews Neverfail deal after downgrade

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The soft drinks bottler, Coca-Cola Amatil, has said that it is reviewing its proposed acquisition of Neverfail Springwater after the water company lowered its profit forecast for 2003.

Neverfail said yesterday it was now forecasting a net profit of A$11m (US$7.25m) for the year to the end of June, 2003, compared with its previous forecast of between A$12.1m and A$12.8m. The company's shares fell by 3% on the back of the revised forecast.

CCA launched its bid, which has not been recommended by the Neverfail board, last month, valuing the company at A$280m. "CCA is reviewing the information contained in Neverfail's profit downgrade announcement, including the impact on the material adverse change condition in the offer," CCA said.


Companies: Coca-Cola Amatil

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