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CCA eyes FGL shares

Elenoa Baselala
Thursday, March 29, 2012

COCA-COLA Amatil (CCA) is interested to purchase the minority 10.4 per cent shareholders of Foster's Group Pacific Limited (FGP) within the next 12 months.

The statement was issued to the South Pacific Stock Exchange yesterday.

"FGPL notes that as part of the arrangements pursuant to which FGP permitted CCA to undertake due diligence, CCA must if requested by the directors of FGP following completion of the sale of FGL's shares in FGPL, make an offer to remaining FGPL shareholders to acquire their shares within 12 months at the price per share paid for Foster's Group Limited's (FGL) interest, subject to regulatory approvals," the statement said.

Last week, CCA announced its intention to buy Fosters Group Limited for $107million (AUD$58m). FGL is the parent company of FGP and is being bought over by SAB Miller. An agreement between SAB Miller and CCA will see the latter purchasing the Fiji business or FGP.

"FGPL understands that the sale price of FGL's shares in FGPL is subject to adjustment to take account of cash and certain financial liabilities of FGPL at completion as well as any other adjustments agreed by the parties," the statement added.

On Monday, the SPSE placed a trading halt in Foster's Group Pacific Limited (FGP) shares in the light of media reports pertaining to the value of the consideration that would be paid for the takeover bid by CCA in acquiring SAB Miller's stake in FGP.

"It has been reported that certain value will be paid for the acquisition of shares in FGP by CCA which currently cannot be confirmed or denied by FGP. However, in order to avoid shareholders and investors acting on such price sensitive information, SPSE feels it is important to place a trading halt on FGP shares immediately," said SPSE CEO, Jinita Prasad.


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