BUZZ-Coca-Cola HBC AG falls on majority stake purchase in African bottler
Coca-Cola HBC AG shares fell 4.5% to 3,380 p, making it the top loser in London's FTSE 100. The company announced a $2.6 billion deal to acquire a 75% stake in Coca-Cola Beverages Africa, creating the second-largest Coca-Cola bottler globally. CCH plans to list on the Johannesburg Stock Exchange and expects EPS growth post-deal. The company reported Q3 organic revenue growth of 5.0%, down from 13.9% last year, and has canceled its share buyback program. Year-to-date, the stock had risen 29.50%.
Shares of Bottler Coca-Cola HBC AG (CCH.BN) (CCH.L) down 4.5% at 3,380 p, top loser in London’s FTSE 100 (.FTSE)
Coca-Cola Company (KO.N) and Gutsche Family Investments announce agreement to sell 75% controlling interest in Coca-Cola Beverages Africa Pty Ltd (CCBA) to CCH
Deal valued at $2.6 billion, creates the second-largest Coca-Cola bottling partner by volume globally
CCH plans to pursue listing on Johannesburg Stock Exchange
CCH expects EPS accretion from first full-year after completion of deal
Co posts Q3 organic revenue growth of 5.0% vs 13.9% year ago
Co cancels share buyback programme with immediate effect
Up to Monday’s close, stock had risen 29.50% so far this year
