European bottler Coca-Cola European Partners (CCEP), has made an offer to buy Australian Coca-Cola Amatil (CCA) for A$9.28 billion ($6.62 billion).
According to sources, the Australian bottler is backing the offer, which prices the company below the market valuation that was made in February. CCA has reportedly seen a decrease in profit since March, due to the shutdown of restaurants and pubs.
CCA chief executive Alison Watkins said: “We are really confident about the recovery that the business is making (but) clearly there’s uncertainty over the next couple of years with the economic situation, and just the risk of further health outbreaks that could disrupt the business”.
CCEP is said to have offered A$12.75 a share ($9.09) for the 69.2% of the bottler not owned by The Coca-Cola Company.