San Miguel, the Philippines-based food and beverage company, has denied rumours that it wants to buy back Coca-Cola Bottlers Philippines from Coca-Cola Amatil Ltd.In a statement to the Manila Stock Exchange San Miguel said: “The company wishes to clarify that there are no proposals to either Coca-Cola Amatil or Coca-Cola Bottlers Philippines Inc. regarding this matter.”It has been previously reported that San Miguel apparently made an informal proposal to buy back Coca-Cola Bottlers Philippines for between $1 billion and $2 billion. A far cry from when CCA bought the business from San Miguel and Coca-Cola Co, three years ago and San Miguel received 220 million CCA shares for its 70% stake in the company.The alleged proposal by San Miguel follows a 10% slump in consumption of Coca-Cola in the Philippines in 1999; a slump, which CCA says, is due to a general downturn in consumer confidence.A CCA spokesman said: “No proposal has been put to us.” He continued by saying that CCA is forecasting an eventual return to sales growth in the Philippines, which had been 33% two years ago.

Subscribe to Just Drinks

Join over 80,000 beverage industry professionals by unlocking full access for just $1 (plus VAT if applicable)


Already a Member? LOGIN HERE


Just Drinks membership gives you:

  • Unlimited access to Just Drinks content including in-depth analysis, exclusive blogs, industry executive interviews and management briefings
  • Unbeatable market coverage from wine and beer, to soft drinks
  • Unrivalled apparel industry comment from Olly Wehring, Andy Morton and leading industry analysts
Want multi-user access? Explore our multi-user & corporate memberships

70% of the beverage companies in the Forbes Global 2000 use Just Drinks

FIND OUT MORE