The Supreme Court of NSW has approved the Scheme of Arrangement for Coca-Cola European Partners to buy Coca-Cola Amatil. CCEP has also announced a name change to Coca-Cola Europacific Partners.
Amatil said it would lodge the court orders with the Australian Securities and Investments Commission today (21 April) which would bring the scheme effect. Shareholders will receive $13.32 per share and a fully franked final dividend of $0.18.
The deal is expected to be completed in May.
The new entity will be the world’s largest Coca-Cola bottler, employing more than 33,000 people with roughly two million customers in 26 countries.
CCEP CEO Damian Gammell said it was a significant moment.
“Our new name reflects what will be a broader and more balanced geographic footprint, doubling our consumer reach. As one company, we can go further together, driving growth and scaling faster.
“We look forward to welcoming Amatil’s colleagues, customers, suppliers and partners to our business soon,” Gammell said.
Amatil recommended CCEP’s original offer of $12.75 per share in October last year. CCEP then increased its offer to $13.50 following shareholder pushback the original offer was too low.
The company will continue to be listed on Euronext Amsterdam, the New York Stock Exchange, London Stock Exchange and on the Spanish Stock Exchanges, and will continue to trade under the symbol CCEP.
