Agree­ment reached with SA govt

The Star Early Edition - - COMPANIES -

DRINKS gi­ant Coca-Cola said yes­ter­day that it had reached an agree­ment with the South African gov­ern­ment on a pack­age of con­di­tions as it fi­nalises the pur­chase of a con­trol­ling 54.5 per­cent stake in its joint Africa ven­ture with ABInBev. New York-listed Coca-Cola said that it would abide by merger con­di­tions agreed with com­pe­ti­tion author­i­ties in 2016 in­clud­ing a pledge to raise black own­er­ship in Coca-Cola Bev­er­ages South Africa to 30 per­cent by 2021. “We are pleased to have reached this agree­ment with the South African gov­ern­ment which demon­strates our align­ment with the gov­ern­ment’s na­tional im­per­a­tives for in­clu­sive so­cial and eco­nomic de­vel­op­ment,” said chief ex­ec­u­tive James Quincey. Last De­cem­ber, Coca-Cola reached a deal to buy An­heuser-Busch InBev’s ma­jor­ity stake in their African bot­tling ven­ture for $3.15 bil­lion (R41bn) and hold on to it un­til it finds a

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