This transaction received all necessary approvals, including the approval of the Comisión Federal de Competencia, the Mexican antitrust authority, and The Coca-Cola Company.
As a result of the completion of the due diligence process, no material adjustment was recorded, and Grupo Fomento Queretano’s shareholders received approximately 45.1 million newly issued KOF series L shares.
Carlos Salazar Lomelin, CEO of the company, said: “These new territories represent a strategic link between our existing operations in Mexico. The culmination of this transaction will enable us to leverage our mutual expertise in the beverage industry, our talented pool of professionals, and the strong brand equity of our products, while complementing our prospects for the continued growth of our business into the future.
“In addition, through this transaction, we increase our stake in Piasa, one of the most important and efficient participants in the Mexican sugar industry, to more than 26%. Through the three mergers we have closed over the past several months, we have enjoyed the privilege of expanding our family with important new members, whose track record and entrepreneurial legacy speak for themselves.”
Source: Coca-Cola Femsa
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