SMC sells Coke stake for $700M - report

San Miguel Corp., Southeast Asia's largest food and beverage firm, has sold its 65 percent stake in Coca Cola Bottlers Philippines Inc. to The Coca Cola Co. for $700 million (P34.30 billion), according to newspaper report on Friday. The Philippine Daily Inquirer, citing industry sources, said that due diligence between the two firms had been completed, and that a formal deal will be signed next month. With the transaction, Coca-Cola will now own 100 percent of the bottling unit, which is touted to be one of the ten biggest in the world. - GMANews.TV