Business Daily from THE HINDU group of publications
Friday, May 25, 2007
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Business Daily from THE HINDU group of publications Friday, May 25, 2007 |
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News Update as at 18.00 hrs (IST)
Corporate Coke to acquire Glaceau for $4.1 b NEW YORK: Soft drink giant Coca-Cola on Friday announced that it would acquire US energy drink maker Glaceau, in which India's Tata Group has 30 per cent stake, for $4.1 billion in cash. The Atlanta-based world's largest aerated drinks firm said in a statement that it has reached an agreement with Energy Brands, Inc, also known as Glaceau, for the acquisition. Tata Tea had acquired a 30 per cent stake in Glaceau, which has an annual turnover of $355 million, in August last year for $677 million. At the time of the transaction, Tata Group had projected Glaceau's annual revenue to nearly double to $700 million in 2007. Based on the price of Tatas' acquisition, New York-based Glaceau could be valued at close to $2.25 billion. The acquisition price of $4.1 billion represents a significant premium to the price paid by Tata Group. - PTI
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