Coca-Cola Phils. acquired for $688.5M

MANILA, Philippines - Coca-Cola FEMSA, S.A.B. de C.V., the largest franchise bottler of Coca-Cola Products in the world, has acquired 51 percent of the Coca-Cola Bottlers Philippines Inc., a statement said.

The acquisition cost was $688.5 million in an all-cash transaction. The agreement also states that Coca-Cola FEMSA will have an option to acquire the remaining 49 percent of CCBPI at any time during six years.

"Our company has started 2013 on the right foot. We recently announced a merger agreement with Grupo Yoli and its shareholders, one of the oldest family-owned bottlers in the Coca-Cola system in Mexico, which serves both Acapulco and Ixtapa-Zihuatanejo, two of the most important tourist destinations in the coast of the Pacific Ocean," Coca-Cola FEMSA said.