SABMiller PLC Tuesday said the South African Competition Tribunal has approved a deal to combine the African soft drink operations of SABMiller, the Coca-Cola Company and Gutsche Family Investments, the South African owners of local bottler Coca-Cola Sabco.
The manufacturer, distributor and seller of beverages said the approval of the newly created Coca-Cola Beverages Africa will create the continent’s largest soft-drink beverage operation.
SABMiller said the merger parties have agreed to invest 800 million South African rand ($56.1 million) to support enterprise development for two groups of entrepreneurs. They will also create a ZAR400 million fund for enterprise development in the agriculture value chain, to support and train historically disadvantaged developing farmers and small suppliers, SABMiller said.
The parties will also make a ZAR400 million investment to develop downstream distribution and retail aspects of Coca- Cola Beverages South Africa, the company said.
Shares closed at 4217.50 pence valuing the company at 68.38 billion pounds ($100.06 billion).
By Olga Cotaga
A cultured meatball containing the extinct mammoth’s myoglobin protein demonstrates the potential power of cell-based meat and was specially developed “to make consumers think about where their food comes from,” according to the chief scientists behind the prehistoric project.
If the proposal is passed by parliament, companies in Italy will not be allowed to produce food or feed “from cell cultures or tissues derived from vertebrate animals,” the bill seen by Reuters stated. A breach of the rules could result in fines of up to €60,000.
Diageo has announced that Sir Ivan Menezes is retiring as chief executive officer and member of the company’s board on 30 June. Menezes will be succeeded by Debra Crew – currently COO at the drinks giant – who will take up the post on 1 July, becoming the company’s first female CEO.