15 Dec 2011
(MENAFN) Saudi Aujan Industries sold USD980 million worth of shares to US soft drinks giant Coca-Cola, Reuters reported.
The company plans to rebrand within the next six months to reflect the new ownership structure. The transaction is expected to close in the first half of 2012.
Under the deal Coca-Cola will take over half of Aujan’s trademarks business, and a 49 percent shareholder in Aujan’s manufacturing and distribution operation. The deal excludes Aujan’s Iranian interests.
Chairman Adel Aujan Industries said the company had been considering a tie-up with Coca-Cola for several years, following a series of informal approaches.
Aujan Industries is one of the GCC’s largest independent drinks companies, with more than 2,500 employees and sales in 70 countries. The company is expected to make USD700 million profits in 2011.
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