UPDATE 1-Coca-Cola Amatil shareholder still talking on bid

(Adds detail, shares)

By Simone Giuliani

MELBOURNE, Feb 4 (Reuters) - Coca-Cola Amatil Ltd's (CCL.AX) major shareholder, The Coca-Cola Co (KO.N) (TCCC), was still in talks on a A$7.3 billion ($4.7 billion) bid proposal for the Australian soft drinks firm from brewer Lion Nathan Ltd LNN.AX, Amatil said on Wednesday.

Lion Nathan, 46 percent owned by Japan's Kirin Brewing Co (2503.T), launched the cash and scrip bid in November, though Coca-Cola Amatil said at the time it had material weaknesses and looked cheap compared to other recent deals.

A condition of the bid from Australia's No. 2 brewer was that TCCC, Coca-Cola Amatil's 30 percent shareholder and supplier, support the proposal.

Amatil (CCA) said TCCC had provided Kirin with a list of conditions that would need to be satisfied before it would re-consider any proposal and discussions between the pair were continuing.

"CCA is not in a position to judge whether these discussions will result in the TCCC agreeing to support the proposal or a varied one, therefore the CCA Board is not presently actively considering the proposal," Amatil said in a statement.

Lion Nathan, Kirin and Coca-Cola Co declined to comment.

A takeover of Amatil would give Lion Nathan a 60 percent share of Australia's A$10.3 billion soft drinks market as well as a canned fruits and vegetables business.

Kirin is a competitor to Amatil in Australia as the Japanese group owns the biggest juice maker, Berri, and flavoured milk producers National Foods and Dairy Farmers.

Coca-Cola Amatil shares fell 5 percent on Wednesday to A$9.12, while Lion Nathan eased 1 percent to A$8.11 in a broader market that lost 2 percent .AXJO.

Amatil said that based on Tuesday's closing prices the bid had an implied value of A$9.99 per Coca-Cola Amatil share, representing a multiple of 10.5 times the company's 2008 consensus earnings before interest, tax, depreciation and amortisation. (Additional reporting by Taiga Uranaka in Tokyo and Martinne Geller in New York) (Editing by James Thornhill)