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Coca-Cola deal wins Foreign Investment Review Board clearance

Coca-Cola Amatil’s takeover by Europe’s Coca-Cola European Partners Plc has moved a step closer after the Federal Government’s Foreign Investment Review Board (FIRB) advised it had no objection to the deal. 

FIRB approval was a key condition of the takeover proceeding, however approval is still required from the board’s New Zealand equivalent, the Overseas Investment Office. 

Other conditions include an independent expert concluding the takeover terms are fair and reasonable and in the best interests of independent shareholders, Australian court approval and the major one – agreement of Coca-Cola Amatil’s independent Shareholder approval. 

As Inside FMCG reported last week, Coca-Cola Amatil’s shares are now worth more than what CCEP is offering, and analysts believe the British-headquartered suitor may have to revise its offer to match.

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