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Moody s downgrades Coca-Cola European Partners after Amatil deal
Wed, 21st Apr 2021 22:01
(Alliance News) - Moody s Investors Service on Monday downgraded Coca-Cola European Partners PLC s long-term issuer rating and the senior unsecured debt instrument ratings to Baa1 from A3.
The credit ratings agency also affirmed the Prime-2 short-term rating of the largest independent bottler by revenue in the Coca-Cola Co system.
The outlook has been changed to stable from ratings under review.
Moody s said the downgrade follows the acquisition of Sydney-based bottling peer Coca-Cola Amatil Ltd.
CCEP is paying AUD13.50, about GBP7.59, per share in cash for the 69% of Amatil owned by independent shareholders. CCEP will then buy the remaining 31% held by US brand owner Coca-Cola Co for a lower price. The deal valued Amatil at AUD9.77 billion, about GBP5.40 billion.
Coca-Cola Europacific Partners to rise from Amatil ashes
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Coca-Cola Amatil buyer Coca-Cola European Partners will change its name to Coca-Cola Europacific Partners after overcoming the final hurdle for its $9.8 billion takeover bid.
The Supreme Court of NSW approved the London-based bottlerâs takeover on Tuesday after Amatil shareholders overwhelming voted in favour of the $13.50 a share offer last Friday.
Coca-Cola European Partnersâ CEO Damian Gammell.Â
Amatil shares will cease trading on the Australian stock exchange on Wednesday, after 51 years on the bourse, and the deal is expected to be completed in May, when independent shareholders will receive their cash.
Coca-Cola Europacific Partners: CCEP and Amatil reveal new name Coca-Cola European Partners (CCEP) and Coca-Cola Amatil will together become Coca-Cola Europacific Partners, the companies have announced.
CCEP is set to pay $9.93bn AUD for Amatil, which will create the world’s largest Coca-Cola bottler with 33,000 employees and a footprint covering 26 countries. The acquisition is due to be completed next month.
“This is a significant moment for Coca-Cola Amatil and Coca-Cola European Partners, and our new name reflects what will be a broader and more balanced geographic footprint, doubling our consumer reach,” say the companies as they announce the new name.
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