Coca-Cola FEMSA will merge with the beverage operations of privately held Mexican conglomerate Grupo Tampico, Reuters reports. The transaction is valued at around $790 million.
Coke Femsa plans to issue Tampico 63.5 million new shares to pay for the transaction. As a part of the deal, Tampico’s president and vice president will serve as director and alternate director on Coke Femsa’s board of directors, on a rotating basis, adds Market Watch.
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