Tag Archives: Coca-Cola Company

Coca-Cola Icecek withdraws bid for CCBA partnership

Coca-Cola Icecek (CCI) said on Tuesday it was withdrawing its interest in bidding for SABMiller’s former stake in Coca-Cola Beverages Africa (CCBA).

The Turkey-based firm, which is the fifth largest Coke bottler in the world, with operations in 10 Middle Eastern countries and employs 10,000 people, said that it has completed a “comprehensive evaluation into buying the 54% stake from The Coca-Cola Company (TCCC).

Coca-Cola defends integrity of its brands – Sprite, Fanta

The Coca-Cola Company (TCCC) has said that its beverages – Fanta and Sprite are safe for human consumption.

Commenting for the first time on the Fanta and Sprite controversy in Nigeria, the Atlanta-based soft drinks giant said that the ruling by a Lagos High Court that its brands – Fanta and Sprite are unfit for consumption when combined with Vitamin C is “inaccurate and unsupported by science”. It added that both benzoic acid and ascorbic acid (vitamin C) are ingredients approved by international food safety regulators.

FX headwinds, acquisition costs and divestitures weigh on Coca-Cola sales and profits

The Coca-Cola Company (TCCC) reported its fourth quarter and full-year results on Thursday, with revenue falling 6% for the quarter to $9.4bn, from $10bn in the same period in 2015. It would be the seventh quarterly drop for the company. Full-year sales also fell 5% to $42bn, from $44bn in the prior year, blamed on foreign exchange headwinds, weakened economies abroad, cost of acquisitions and divestitures tied to its bottler refranchising.

The soft drinks giant said that costs related to the refranchising of its U.S. bottling operations came in higher than expected and hurt Q4 and full-year results, with fourth quarter net profit declining 55% to $550m, from $1.24bn, while full-year net income fell 11% to $6.5bn, from $7.4bn.

Coca-Cola sued in U.S. court for allegedly minimizing the health impact of sugary drinks

Atlanta-based Coca-Cola and the American Beverage Association, a trade group, are being sued in a U.S. court for allegedly misleading consumers about the true health effects of sugary drinks.

A non-profit organization – The Praxis Project accused the beverage giant and the trade group of downplaying the risk of soft drinks on health in order to grow sales, despite evidence from the scientific community linking sugary drinks to obesity, diabetes and cardiovascular disease.

Health industry accused of sabotaging efforts to reduce sugar content in sweetened beverages

Advocates of sugar-tax on sweetened beverages such as Carbonated Soft Drinks (CSDs) in Nigeria say that health organisations as well as medical and public health institutions have been enabling the rise in new cases of diabetes and other non-communicable diseases (NCDs) in the country by accepting billions of naira in donations from soft drink manufacturers in the form of Social Responsibility donations.

Coca-Cola acquires AB InBev’s stake in CCBA

Soft drinks giant Coca-Cola announced on Wednesday it has agreed to buy SABMiller’s 54.5% stake in Coca-Cola Beverages Africa (CCBA) from AB InBev for $3.15bn.

Coca-Cola and AB InBev said in a joint statement that they had agreed to the transfer of AB InBev’s 54.5% stake in CCBA to The Coca-Cola Company (TCCC). The stake was formerly owned by SABMiller before the mega beer acquisition that saw SAB merge with AB InBev.

Coca-Cola announces leadership change; CEO Muhtar Kent to Step down next year

The Coca-Cola Company (TCCC) announced on Friday that Muhtar Kent, its Chief Executive Officer (CEO) will step down in May next year, and to be succeeded by James Quincey, the company’s current president and Chief Operating Officer (COO).

Kent who has been the CEO since 2008 will remain chairman.

Coca-Cola HBC open to further acquisition of juice, water brands or new territories – CEO

Coca-Cola HBC said on Thursday it was open to further acquisitions of juice, water brands or new territories, Dimitris Lois, Coca-Cola HBC CEO said following its Q3 update.

CCHBC, which bottles Coca-Cola products in 28 mostly European countries and Nigeria, said it was focused on driving a recovery in some markets that are struggling.

As this happens, we will become more active in M&A,” Lois said, noting that the company would be interested in adding water and juice brands to its business in existing markets.

Coke suffers third Quarter profit decline on foreign currency related headwinds

Atlanta-based Coca-Cola on Wednesday reported a 7% drop in revenue for the third quarter ending September 30, 2016 to $10.63bn from $11.4bn in the previous year, impacted by a foreign currency exchange headwind of 2% and headwinds from acquisitions, divestitures and structural items of 8%.

Coke to buy SABMiller’s stake in Coca-Cola Beverages Africa

Atlanta-based Coca-Cola Company said on Monday it would buy SABMiller’s stake in Coca-Cola Beverages Africa (CCBA), the newly formed South African-based bottling group with footprints in over a dozen African countries including Nigeria.

Coca-Cola which holds 11.3% stake in CCBA, with Coca-Cola SABCO and SABMiller each holding 31.7% and 57% ownership respectively said it would exercise its change-of control-clause (right-to-buy) to SABMiller’s stake which automatically would have gone to AB InBev, the acquirer of SABMiller after the merger deal closed.