Coca-Cola Amatil to exit ASX after 50yrs

Coca-Cola Amatil will be removed from the ASX after 50 years as a public company, due to its sale to Coke Europe.

The Australian bottler, which distributes a range of drinks across the Asia Pacific region, will on Thursday disappear from the market after a NSW court approved Coca-Cola European Partners’ purchase.

The European company will pay $11.1 billion, or $13.50 per share, after a series of proposals since 2019.

Its bosses say the deal will improve its scale of production in two developed markets.

They are also keen on tapping the growth market of the Asia Pacific.

Coke Europe’s sales would increase from 12 billion euros ($18.7 billion) to 15 billion euros ($23.3 billion).

Chief executive Damian Gammell has also been keen to improve ties with the Coca-Cola Company, which owns 30 per cent of Amatil.

Amatil will be replaced in the ASX200 by online marketplace Redbubble, which is worth about $1.52 billion.

The combined Coke business will change its name to Coca-Cola Europacific Partners once the purchase is completed on May 10.

Its shares will continue trading on the exchanges of Amsterdam, London, New York and Spain.

Shares in Amatil were down 0.04 per cent to $13.30 at 1457 AEST on Wednesday.

Shares in Redbubble were down 5.13 per cent to $5.27.

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