Coca-Cola Hellenic Bottling Company S.A. Said it will acquire Nigerian Bottling Company, NBC for USD94 million.
The company said the transaction will be executed via 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.
Coca-Cola Hellenic said 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.