Coca-Cola Enterprises is in talks to acquire just over 50% of Bravo! Foods International Corp.

A statement from Bravo said the soft drink bottler had acquired options to purchase shares of common stock, convertible securities and warrants, entitling Coca-Cola Enterprises to purchase approximately 69,000,000 shares of common stock from 12 shareholders of Bravo! Foods.
 
The common stock and other securities underlying the options represent approximately 23% of the authorized shares of Bravo! Foods' common stock.

In addition, Coca-Cola Enterprises and Bravo! Foods have commenced negotiations regarding a stock purchase agreement for the direct sale of approximately 81m shares of Bravo! Foods'.

If Coca-Cola Enterprises is successful in all its acquisitions, it will hold slightly in excess of 50% of the company's equity on a fully diluted basis.

Bravo! Foods's board of directors has formed an independent committee of the board to assist in the negotiations with Coca-Cola Enterprises, and has authorised the committee to retain an independent banker to evaluate the fairness of the transaction, a statement said.

In connection with the grant of the options, the Bravo! Foods and Coca-Cola Enterprises are negotiating a master distribution agreement for the sale of Bravo! Foods' products in the US and internationally in Canada, Belgium, France, the UK, Luxembourg, Monaco and the Netherlands.

The exercise of the options by Coca-Cola Enterprises is contingent on the completion of due diligence and the execution of a mutually satisfactory definitive master distribution agreement.

Coca-Cola Enterprises has the right to acquire the stock pursuant for US$0.36 per share. None of the entities granting the options are affiliates of Bravo! Foods.