The Competition Tribunal on Wednesday approved, with conditions, a merger whereby the Coca-Cola Company (TCCC) plans to buy SABMiller’s shares in Coca Cola Beverage Africa (CCBA).
The tribunal in 2016 approved a merger which saw independent bottlers of Coca-Cola products combine their existing operations into a single company, CCBA.
SABMiller controlled CCBA with the remaining shares being held by Coca-Cola Holdings Africa (CCHA) and Gutsche Family Investments.
In terms of the shareholders agreement for that transaction, CCHA had the option to buy SABMiller’s shares and require its exit. This transaction is a culmination of that right.
Approval was given subject to employment conditions, broad-based black economic empowerment holding and the employee share ownership programme.