This transaction received all necessary approvals, including the approval of The Comisión Federal de Competencia, the Mexican antitrust authority, and The Coca-Cola Company. Subsequently, Coca-Cola Femsa held an extraordinary shareholders meeting on December 9, 2011, at which the company’s shareholders approved this merger.
As a result of the completion of the due diligence process, no material adjustment was recorded, and Grupo CIMSA’s main shareholders received 75.4 million newly issued KOF series L shares. Coca-Cola FEMSA assumed Ps 2,100 million in net debt.
Carlos Salazar Lomelin, CEO of the Company, said: “We are pleased to have successfully closed this merger in less than three months. Since we announced this transaction in September of this year, both teams focused intently on achieving this goal. Grupo CIMSA´s remarkably organised business made this fast integration possible.
“Now, we become one larger and stronger team that will leverage a combined platform of geographically contiguous assets and mutual capabilities. As we are enthusiastically about to begin another year, we remain committed to generate increased value for all our shareholders. We want to thank everyone who was involved in this transaction, including our new partner, Grupo CIMSA, with whom we share an aligned vision for future growth.”
Source: Coca-Cola Femsa
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