Coca-Cola Amatil (CCL) share price rises on SPC sale
Stock
Coca-Cola Amatil (CCL) $4.00 as at 04/06/2019
Event
Australia’s licensee of Coca-Cola products has today ended its tumultuous ownership of Victoria based SPC. The iconic Australian fruit and veg company has been sold to a partnership between fund manager Perma & family office/ Private equity name The Eights in a deal which will see the jobs off all SPC staff secured.
The deal was done for $40m, a long way from the Coca-Cola Amatil’s $490m purchase price. CCL has also tipped another ~$200m into SPC since picking it up back in 2005, but has slowly been forced to write-down the asset to near nothing over the years.
So much has been written off SPC that Coca-Cola will book a profit in the deal despite paying more than 10 times the price they are set to receive.
Coca-Cola (CCL) Chart
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