BUZZ-Coca-Cola HBC AG falls on majority stake purchase in African bottler
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Coca-Cola HBC AG shares fell 4.5% to 3,380 p, making it the top loser in London's FTSE 100. The company announced a $2.6 billion deal to acquire a 75% stake in Coca-Cola Beverages Africa, creating the second-largest Coca-Cola bottler globally. CCH plans to list on the Johannesburg Stock Exchange and expects EPS growth post-deal. The company reported Q3 organic revenue growth of 5.0%, down from 13.9% last year, and has canceled its share buyback program. Year-to-date, the stock had risen 29.50%.
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