Coca-Cola and government agree regarding ABInBev JV
Coca-Cola and the South African government have reached an agreement on a package of conditions as the purchase of a controlling 54.5 percent stake in its joint Africa venture with Anheuser-Busch InBev (AB InBev) nears completion.
Coca-Cola said in a statement that it would abide by merger conditions agreed with competition authorities in 2016. This includes a pledge to raise black ownership in Coca-Cola Beverages South Africa to 30 percent by 2021.
Chief Executive James Quincey (pictured) was quoted by Reuters as saying:
"We are pleased to have reached this agreement with the South African government which demonstrates our alignment with the government's national imperatives for inclusive social and economic development."
Coca-Cola last December finalised a deal to buy AB InBev's majority stake in their African bottling venture for $3.15 billion.