Chile’s Emb. Andina to Buy Coca-Cola Polar in All Stock Deal
Embotelladora Andina SA (AKO/A), Chile’s largest Coca-Cola (KO) bottler, will take over rival Embotelladora Coca-Cola Polar SA in an all-stock transaction agreed to by the two companies’ controllers.
Andina will swap 0.33 new share for each existing Coca-Cola Polar share, giving the latter’s shareholders 20 percent of the combined company, under a memorandum of understanding signed by the controllers, according to a statement posted on the securities regulator’s website.
The transaction would create one of Latin America’s biggest Coca-Cola bottlers, with operations in Argentina, Brazil, Chile and Paraguay and sales of $2.56 billion, according to the statement.
The two companies’ controllers are scheduled to sign a merger contract by March 15, they said in the statement. The transaction is subject to regulatory approval.
To contact the reporter on this story: Sebastian Boyd in Santiago at sboyd9@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net
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