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Coca-Cola products are shown in the company's Philippines' office. ABS-CBN News
MANILA — The Philippine Competition Commission has cleared the joint acquisition of Coca-Cola Beverages Philippines by Aboitiz Equity Ventures and Coca-Cola Europacific Partners (CCEP).
Aboitiz told the Philippine Stock Exchange that, on Tuesday, the two entities secured the antitrust body's approval for the full ownership of Coca-Cola Beverages Philippines at $1.8 billion.
Aboitiz would hold 40-percent ownership of CCBPI, while CCEP would have a 60-percent stake.
The parties expect to close the transaction by the end of February, upon the completion of the remaining conditions.
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Aboitiz and CCEP signed the deal for Coca-Cola Beverages Philippines in November.
The company said it would be well positioned to support CCBP’s growth ambition given the synergies that could be generated from AEV’s other businesses.
"The proposed acquisition would build on AEV’s portfolio diversification strategy to enter the branded consumer goods space," it added.
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