Netherlands-based drinks-bottler Refresco has announced that it received competition clearance for its proposed merger with PAI Partners.
The parties have received approval from the European Commission, as well as relevant authorities in the US and China, for the sale of the business to PAI Partners and British Columbia Investment Management Corporation.
In October, the drinks-bottler announced that it had received an unsolicited proposal from the French private-equity firm, which would see PAI acquire all 81.2 million issued shares in the company for a total cash consideration of around €1.6 million.
Refresco says that shareholders now have until 19 March to offer their shares.
The deal is also set to include Refresco's acquisition of Cott's bottling activities, which was finalised last month, following a lengthy approval process from the UK's Competition and Markets Authority.
The Rotterdam-based company operates 29 manufacturing facilities in the US and Europe, and it saw revenue increase by 1.9%, to €583 million, in the third quarter.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
