MEXICO CITY, June 28 Mexico's Coca-Cola FEMSA
, the world's largest Coke bottler, said on Friday it
reached an agreement to purchase 100 percent of Brazilian peer
Companhia Fluminense for $448 million in cash.
The Monterrey-based company, a joint venture of Coca-Cola Co
and Mexican firm Femsa , said in a
filing the deal was subject to approval by Brazil's antitrust
authority, the Conselho Administrativo de Defesa Economica.
The Mexican company also said it would seek the approval of
Coca-Cola for the transaction.
Coke Femsa said Companhia Fluminense, which produces and
distributes Coca-Cola drinks in 141 cities in the states of Sao
Paulo, Minas Gerais and Rio de Janeiro, had estimated pro forma
consolidated earnings before interest, taxes, depreciation and
amortization in the year ending March of $40 million.
Coke Femsa has been snapping up smaller, family-owned Coke
bottlers in Mexico in the last two years, and recently made its
first foray outside of Latin America.