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NBC considers subsidiary deal with Coke Hellenic
Coca-Cola Hellenic Bottling Company has announced that Nigerian Bottling Company is considering a ‘scheme of arrangement’ between NBC and its shareholders.
The proposed transaction involves the cancellation of part of the share capital of NBC, such that it would become a wholly owned subsidiary of its majority shareholder, Coca-Cola Hellenic. Coca-Cola Hellenic currently owns 66.4% of the total share capital of NBC.
The terms of the transaction are subject to final approval by the board of directors of NBC and the approval by a general meeting of shareholders of NBC. If approved, the transaction is expected to be completed during the second quarter of 2011, at which time NBC would also be de-listed from the Nigerian Stock Exchange.
The value of the proposed transaction is approximately €94m. The proposed transaction will result in cost savings, reduce complexity and allow NBC to fully leverage the financial strength and resources of its parent company.
Source: Coca-Cola Hellenic Bottling Company
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