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Coca-Cola Buys Coca-Cola Enterprises’ North America Unit for $12.3 Billion

by on February 25, 2010

By Chris Burritt and Duane D. Stanford Feb. 25 (Bloomberg) — Coca-Cola Co. , the world’s biggest soda maker, agreed to buy the North American operations of bottler Coca-Cola Enterprises Inc. in a deal valued at $12.3 billion, more than six months after PepsiCo Inc. moved to bring its bottlers in-house to cut costs. The bottler’s investors will get $10 and one share in a new bottling company for each share they hold, Atlanta-based Coca- Cola said today in a statement. Coca-Cola will also assume $8.88 billion of the bottler’s debt . Coca-Cola Enterprises agreed to buy Coca-Cola’s bottling operations in Norway and Sweden and will have the right to buy Coca-Cola’s stake in its German bottling operations. Coca-Cola said the takeover may result in savings and additional revenue opportunities of $350 million over four years. As soft-drink volume sales in the U.S. market have declined since 2005, Coca-Cola Chief Executive Officer Muhtar Kent has introduced new packaging and pricing in North America to draw customers in addition to cutting supply-chain costs. “Ownership and scale together is a powerful combination,” Sarah Henry , an analyst at MFC Global Investment Management in Berwyn, Pennsylvania, said today by telephone. She helps manage PepsiCo shares and doesn’t manage Coca-Cola or Coca-Cola Enterprises shares. “North America is a mature market that’s been in a state of decline.” MFC manages $287 billion in assets. Coca-Cola Enterprises, also based in Atlanta, climbed $5.82, or 30 percent, to $25 at 9:39 a.m. in New York Stock Exchange composite trading. The company had a market value of $9.4 billion as of yesterday’s close. Coca-Cola fell $1.86 to $53.30, while PepsiCo declined 20 cents to $61.88. Capital-Intensive Coca-Cola and PepsiCo sell beverage concentrate and syrup to licensed bottlers, which add water and other ingredients, put the mixture in bottles and cans, and sell it. In 1999, PepsiCo followed Coca-Cola’s lead by spinning off its capital-intensive bottling operations to create Pepsi Bottling Group Inc. Bottling “is not nearly as good as the syrup business, because you are taking on a lot of fixed assets in the process,” Donald Yacktman , founder of Yacktman Asset Management Co., said in a Bloomberg Television interview today. “They are taking on a business with lower inherent returns for more control and cost savings.” Yacktman’s Austin, Texas-based firm manages $3.2 billion in assets, including Coca-Cola and PepsiCo shares . Coca-Cola currently owns about 34 percent of Coca-Cola Enterprises, a stake it values at $3.4 billion. The transaction should close in the fourth quarter of 2010, according to the statement. Coca-Cola said the takeover will give it direct control over about 90 percent of North American volume. $400 Million Annually PepsiCo, the second-largest soft-drink maker, agreed in August to take control of its two biggest bottlers for about $7.8 billion. Those purchases may allow PepsiCo to garner about $400 million annually from cost savings and improved revenue opportunities, the company said this month. North American volume at Coca-Cola Enterprises declined 5 percent last year, while net pricing per case increased 6.5 percent, the company said in a Feb. 10 earnings report. Allen & Co. and Goldman, Sachs & Co. advised Coca-Cola. Skadden, Arps, Slate, Meagher & Flom LLP provided its legal counsel and Cleary Gottlieb Steen & Hamilton LLP and Wilson Sonsini Goodrich & Rosati were antitrust advisers. Coca-Cola Enterprises was advised by Credit Suisse and Lazard. Law firm Cahill Gordon & Reindel also advised. Greenhill & Co. and law firm McKenna Long & Aldridge LLP advised the transaction committee. To contact the reporters on this story: Duane D. Stanford in Atlanta at dstanford2@bloomberg.net ; Chris Burritt in Greensboro, North Carolina, at 1348 or cburritt@bloomberg.net .

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Coca-Cola Buys Coca-Cola Enterprises’ North America Unit for $12.3 Billion

Coca-Cola Agrees to Buy Coca-Cola Enterprises’ North America Bottling Unit

by on February 25, 2010

By Andrew Dunn Feb. 25 (Bloomberg) — Coca-Cola Co. , the world’s biggest soda maker, agreed to buy the North American operations of bottler Coca-Cola Enterprises Inc. , more than six months after PepsiCo Inc. moved to bring its bottlers in-house to cut costs. The bottler’s investors will get $10 and one share in a new bottling company for each share they hold, Atlanta-based Coca- Cola said today in a statement. Coca-Cola will also assume $8.88 billion of the bottler’s debt . Coca-Cola Enterprises agreed to buy Coca-Cola’s bottling operations in Norway and Sweden and will have the right to buy Coca-Cola’s stake in its German bottling operations. Coca-Cola said the takeover may save $350 million over four years. As soft-drink volume sales in the U.S. market have declined since 2005, Coca-Cola Chief Executive Officer Muhtar Kent has introduced new packaging and pricing for Coca-Cola in North America to draw customers in addition to cutting supply- chain costs. “Coca-Cola will streamline the North American operations, but eventually will look to sell,” Kaumil Gajrawala , an analyst at UBS Securities LLC in New York, wrote in a note yesterday after reports that a transaction was being discussed. Coca-Cola Enterprises, based in Atlanta, rose $5.82 to $25 at 8:22 a.m. New York time, before the start of regular U.S. trading. As of yesterday’s close on the New York Stock Exchange, the company had a market value of $9.4 billion. Coca-Cola rose 33 cents to $55.16 in New York yesterday. The stock rose 26 percent last year, while PepsiCo advanced 11 percent. Capital-Intensive Coca-Cola and PepsiCo sell beverage concentrate and syrup to licensed bottlers, which add water and other ingredients, put the mixture in bottles and cans, and sell it. In 1999, PepsiCo followed Coca-Cola’s lead by spinning off its capital-intensive bottling operations to create Pepsi Bottling Group Inc. Coca-Cola currently owns about 34 percent of Coca-Cola Enterprises, a stake it values at $3.4 billion. The transaction should close in the fourth quarter of 2010, according to the statement. Coca-Cola said the takeover will give it direct control over about 90 percent of North American volume. PepsiCo, the second-largest soft-drink maker, agreed in August to take control of its two biggest bottlers for about $7.8 billion. Those purchases may allow PepsiCo to garner about $400 million annually from cost savings and improved revenue opportunities, the company said this month. North American volume at Coca-Cola Enterprises declined 5 percent last year, while net pricing per case increased 6.5 percent, the company said in a Feb. 10 earnings report. To contact the reporter on this story: Andrew Dunn in New York at adunn8@bloomberg.net

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Coca-Cola Agrees to Buy Coca-Cola Enterprises’ North America Bottling Unit

Huff TV: Arianna Huffington At Davos: Obama Still Not Doing Enough For Jobs (VIDEO)

January 29, 2010

In an interviews with CNBC and Bloomberg TV at the World Economic Forum’s annual gathering in Davos, Switzerland, Arianna said the Obama administration is still not doing enough to help on the jobs front, despite new proposals announced in the President’s State of The Union speech on Wednesday. Davos attendees in the financial sector have called for global uniformity on banking reforms, but Arianna noted that the economy is in dire need of effective job creation efforts. “We still don’t see how growth is going to be filled,” Arianna told CNBC. “Where is consumption going to come from? And where jobs are going to come from? I think that’s the fear.” Arianna added that the Obama administration is still not adequately communicating the severity of the financial crisis for most Americans: “The administration, at least the majorities in Congress need to make it very clear to the public that we are not out of the woods, that we don’t see a clear path to job growth…So what they need to bring to the table is the same kind of urgency that they brought to the table a year ago, when some how they put everybody in a room and made things happen. That urgency is missing now.” Responding to the President’s recent proposal for a child care tax credit, Arianna said “the problem isn’t that you can’t find a babysitter, the problem is that there are six applicants for every job.” “The middle class is suffering and there is a kind of downward mobility,” she added. WATCH the full interview: WATCH Arianna’ interview with Bloomberg TV:

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Huff TV: Arianna Huffington At Davos: Obama Still Not Doing Enough For Jobs (VIDEO)

January 29, 2010

In an interviews with CNBC and Bloomberg TV at the World Economic Forum’s annual gathering in Davos, Switzerland, Arianna said the Obama administration is still not doing enough to help on the jobs front, despite new proposals announced in the President’s State of The Union speech on Wednesday. Davos attendees in the financial sector have called for global uniformity on banking reforms, but Arianna noted that the economy is in dire need of effective job creation efforts. “We still don’t see how growth is going to be filled,” Arianna told CNBC. “Where is consumption going to come from? And where jobs are going to come from? I think that’s the fear.” Arianna added that the Obama administration is still not adequately communicating the severity of the financial crisis for most Americans: “The administration, at least the majorities in Congress need to make it very clear to the public that we are not out of the woods, that we don’t see a clear path to job growth…So what they need to bring to the table is the same kind of urgency that they brought to the table a year ago, when some how they put everybody in a room and made things happen. That urgency is missing now.” Responding to the President’s recent proposal for a child care tax credit, Arianna said “the problem isn’t that you can’t find a babysitter, the problem is that there are six applicants for every job.” “The middle class is suffering and there is a kind of downward mobility,” she added. WATCH the full interview: WATCH Arianna’ interview with Bloomberg TV:

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Obama Says U.S., Russia Close to Nuclear Arms Pact After Medvedev Meeting

December 18, 2009

By Nicholas Johnston Dec. 18 (Bloomberg) — President Barack Obama said the U.S. and Russia are “quite close” to agreeing on terms for a nuclear arms treaty. “We’re making excellent progress,” Obama said after he and Russian President Dmitry Medvedev met in Copenhagen, where the two leaders are attending a United Nations meeting on climate change. Medvedev said the U.S. and Russian positions on the treaty “are very close.” The U.S. and Russia have been in talks to produce a replacement for the 1991 Strategic Arms Reduction Treaty, which expired Dec. 5. Both presidents have pledged to sign an accord that would lead to a reduction in the nuclear arsenals of both sides. To contact the reporter on this story: Nicholas Johnston in Copenhagen at njohnston3@bloomberg.net

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Baghdad Car Bombings, Attacks Leave More Than 100 People Dead, Dozens Hurt

December 8, 2009

By Caroline Alexander Dec. 8 (Bloomberg) — More than 70 Iraqis were killed and dozens injured in five separate attacks across Baghdad, state- owned al-Iraqiya television reported. Today’s assaults are the worst in the capital since Oct. 25, when twin bombings killed at least 90 people. Al-Iraqiya said the districts of Mansour, al-Qahira and Dura were among those hit. The state broadcaster didn’t provide further details. Agence France-Presse later put the death toll at 101. The attacks included car bombings, with the first in Dora at about 10 a.m. local time, CNN said. Another car bomb exploded at the Ministry of Labor and Social Affairs, while others took place in the busy commercial areas of Nahdha and al-Qashla Square. A fifth bomb blew up outside the Karkh Civil Court in western Baghdad’s Mansour district, CNN reported. During an upsurge in violence this year, attackers have targeted Iraqi government buildings, security forces, the majority-Muslim Shiite population and the Kurdish-dominated northern cities of Mosul and Kirkuk. The bloodshed, blamed by the government on al-Qaeda and supporters of the late dictator Saddam Hussein , underscores the fragility of security since U.S. troops withdrew from urban areas on June 30 and as the country prepares for elections next year. To contact the reporter on this story: Caroline Alexander in London at calexander1@bloomberg.net .

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BOJ Board Member Suda Says Currency Volatility May Hurt Japan’s Economy

December 1, 2009

By Keiko Ujikane Dec. 2 (Bloomberg) — Bank of Japan board member Miyako Suda warned that volatility in currency markets may hamper growth and said the bank is open to take more steps to support the economy. “In the short term, there seems to be a rising risk that the recent movements in the global financial markets and instability in the currency market will have an adverse impact on economic activity by worsening corporate and household sentiment,” Suda said in a speech today in Kofu, west of Tokyo. The Bank of Japan yesterday unveiled a 10 trillion yen ($115 billion) program in which it will offer three-month loans to commercial banks at 0.1 percent after an emergency board meeting. Governor Masaaki Shirakawa yesterday said the bank is prepared to provide more funds if necessary amid government pressure for policy action after the yen surged to a 14-year high. “The BOJ may be forced to take additional monetary easing steps if markets demand action by pushing the yen higher and stocks lower,” should investors determine the bank’s measures aren’t enough to lower longer-term rates, said Kazuhiko Sano , chief strategist in Tokyo at Citigroup Global Markets Japan Inc. The currency has risen 3.9 percent against the dollar the past month, threatening to erode profits of exporters including Sony Corp. and Toyota Motor Corp. and exacerbate deflation in the wake of the nation’s worst postwar recession. Effectively Zero The policy board kept the key overnight lending rate at 0.1 percent yesterday, a level that Shirakawa said is already effectively zero, indicating he is unlikely to lower the rate. Suda said the central bank won’t rule out any options for future policy steps. She also said the size of the central bank’s balance sheet isn’t an indication of monetary easing and that a smaller balance sheet doesn’t mean that policy is becoming less accommodative. “We are always open to what is the best policy,” she said. Should price declines become entrenched, that may curb economic activity and fuel deflation, said Suda, the board’s longest-serving member. The government this month said Japan is in a state of “mild” deflation and Cabinet ministers urged the central bank to do more to combat falling prices. “If price declines prolong longer than expected, so-called deflationary spiral risk, where price drops compel consumers to delay spending, thereby worsening corporate earnings and hurting the economy, will increase,” Suda said. ‘Temporarily’ Shrink Regarding the nation’s growth prospects, Suda said gross domestic product may shrink “temporarily” should measures that are supporting the expansion fade. Suda also said central banks around the world shouldn’t resort to monetizing government debt because doing so may spur concern about fiscal discipline. The bank yesterday maintained its monthly purchases of Japanese government bonds at 1.8 trillion yen. Analysts expect the central bank to expand the bond transactions eventually. Suda said the purchases aren’t aimed at financing government spending or supporting bond yields. The central bank has been buying government bonds from lenders since 1966 as part of its money-market operations. Shirakawa and his board most recently increased the monthly purchases in March from 1.4 trillion yen. It sets a self-imposed rule of keeping purchases below the amount of bank notes it circulates, and officials have said there isn’t much room to expand bond buying further. To contact the reporter on this story: Keiko Ujikane in Kofu at kujikane@bloomberg.net

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Obama Says Exports Are Key to U.S. Job Creation, Were Focus of Asian Trip

November 21, 2009

By Nicholas Johnston Nov. 21 (Bloomberg) — President Barack Obama said he focused much of his recent week-long trip to Asia on exploring ways to increase U.S. exports and thereby create jobs. Obama returned Nov. 19 from a trip to Japan, China and South Korea. In his weekly radio and Internet address, he said increased exports to those countries can help the U.S. recover from its highest unemployment rate in decades. “Above all, I spoke with leaders in every nation I visited about what we can do to sustain this economic recovery and bring back jobs and prosperity for our people,” Obama said in the address, which was taped in Seoul. “Increasing our exports is one way to create new jobs and create new prosperity.” The U.S. unemployment rate rose to 10.2 percent in October, the highest level since 1983. Obama said he will continue to focus “relentlessly” on creating new jobs. The administration will host a jobs forum at the White House next month with business executives, economists, financial experts and representatives from labor unions to talk about government policies that can encourage job growth. In today’s address, Obama said the administration won’t make any “ill-considered decisions” about spurring job growth because of the federal budget deficit, which reached a record $1.4 trillion in the fiscal year that ended Sept. 30. Right Direction Obama said the economy, which grew 3.5 percent in the third quarter, is moving in the right direction after government approval of a $787 billion stimulus package in February “The steps we are taking are helping,” he said. “And I will not let up until businesses start hiring again.” Obama said his Asia trip was also marked by productive efforts to develop new clean-energy initiatives and progress in working with China to send a unified message to Iran and North Korea in opposition to the development of nuclear weapons. In today’s Republican address, Senator Mike Crapo of Idaho said health-care legislation proposed by Senate Democratic leaders would increase insurance costs, taxes and government spending while reducing benefits. “This is not true health-care reform and it is not what the American people want,” Crapo said. The Senate is scheduled to take a rare weekend vote today on whether to begin debate on the $848 billion legislation, which is intended to cover 31 million uninsured Americans and curb medical costs. Crapo said the measure would raise taxes by “nearly half- a-trillion dollars,” and cut hundreds of billions of dollars from Medicare, the government health-insurance program for the elderly and disabled. Crapo said a better approach to health-care overhaul would be “step-by-step reforms” proposed by Republicans, such as letting consumers purchase insurance across state lines, allowing small businesses to pool together to purchase insurance for employees, and eliminating waste, fraud and abuse. “These are the kinds of reform that make sense and would really make a difference for all Americans,” he said. To contact the reporter on this story: Nicholas Johnston in Washington at njohnston3@bloomberg.net

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Obama Says He Is `Very Close’ to Afghan Decision, Urges Public Patience

November 18, 2009

By Edwin Chen and Julianna Goldman Nov. 18 (Bloomberg) — President Barack Obama said he is “very close” to deciding on a new course for the war in Afghanistan that will set clear benchmarks for the Afghan government and a strategy to end U.S. involvement there. “The American people will have a lot of clarity about what we’re doing, how we’re going to succeed, how much this thing is going to cost, you know, what kind of burden does this place on our young men and women in uniform and, most importantly, what’s the end-game on this thing,” Obama said in an interview with CNN taped before he left Beijing for Seoul, the final stop of his eight-city trip to Asia. He also sat for interviews with CBS, ABC, NBC and Fox News. The war is in its eighth year, and Obama said failing to come up with an exit strategy for the U.S. “could end up leading to a multiyear occupation.” Americans are losing patience, with 52 percent saying in the most recent Washington Post-ABC News poll that the conflict hasn’t been worth the cost. Forty-eight percent of the public disapproves of Obama’s handling of the war and 45 percent approve, according to the survey taken Nov. 12-15. Still, 55 percent expressed confidence he will deliver a workable strategy. Obama said he will announce a decision “in the next several weeks,” according to a transcript provided by the network. He is weighing a request by his commander in Afghanistan, General Stanley McChrystal , to increase the U.S. force of 68,000 by as many as 40,000 personnel next year. View of Karzai The decision has been complicated by allegations of corruption in Afghan President Hamid Karzai’s government and concerns the country’s leadership may not be able to extend its authority nationwide. In the CNN interview, broadcast this morning in the U.S., Obama gave a mild endorsement of Karzai. “I think that President Karzai has served his country in important ways,” Obama said. “He has some strengths, but he’s got some weaknesses.” Obama said he was less concerned about any individual leader of Afghanistan than he about the government there being able to provide “basic services to its people in a way that confers legitimacy.” In the NBC interview, Obama said the U.S. can’t allow Afghanistan to fall apart because that risks destabilizing Pakistan, a nation with nuclear weapons. “We’ve got some significant interests in the region,” Obama said. Still, he added, the U.S. must focus its efforts “so that we don’t start getting over-extended.” On a range of domestic and foreign priorities, Obama said the U.S. public will have to be patient. “A lot of our initiatives have not yet borne fruit, but we knew that something like Iran’s nuclear program wasn’t going to be solved in a year,” the president said on CNN. ‘Right Direction’ “The question is, are we moving in the right direction?” he said. “And I think there’s no doubt that we are.” Obama also defended his administration’s decision to try in a federal court in Manhattan five alleged Sept. 11 terrorists, including Khalid Sheikh Mohammed , the self-proclaimed mastermind of the 2001 attacks. “I have complete confidence in the American people and our legal traditions and the prosecutors,” he told NBC. “We’ve done this before.” On health-care legislation slowly moving through Congress, the president said on CNN he remained “absolutely confident” that “we are going to get this done.” He sidestepped a question about whether he could envision circumstances in which he doesn’t seek re-election in 2012. “I don’t want to be making decisions based on getting re- elected,” he told the cable network. “There are a whole series of choices that I’m making that I know are going to create some political turbulence.” Obama said he wasn’t likely to read the book, “Going Rogue,” by former Alaska Governor Sarah Palin , the Republican vice presidential candidate in 2008 and wasn’t thinking about whether she may be a presidential candidate in 2012. “She obviously has a big constituency in the Republican Party,” Obama said. While in Beijing, Obama said he met privately for about five minutes with a half-brother, Mark Obama Ndesandjo , 43, a businessman and musician who has lived in China for about seven years. To contact the reporters on this story: Julianna Goldman in Beijing at jgoldman6@bloomberg.net ; Edwin Chen in Beijing at echen32@bloomberg.net

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Obama Announces Summit To Fight Unemployment

November 12, 2009

WASHINGTON — President Barack Obama announced Thursday that he’ll host a White House summit next month on fighting the chronic joblessness that continues to be a drag on a struggling economy. “We are open to any demonstrably good idea to supplement the steps we’ve already taken to put America back to work,” Obama said before taking off for a trip to Asia, where U.S. and global business prospects will be among the key issues under discussion. Speaking at the White House, the president called a report showing fewer claims for jobless benefits “a hopeful sign.” But with millions of Americans out of work, Obama said the government has “an obligation to consider every additional responsible step we can” to get people back to work. The nationwide unemployment hit 10.2 percent last month, the highest jobless rate since 1983. Economists believe more jobs will be lost, and the unemployment rate could possibly reach 10.5 percent next year because employers remain reluctant to hire. The December jobs “forum” will bring in public and private sector experts to talk about how to get the job-creation engine running again, Obama said. Because economic prosperity at home is tied to economies around the world, the president said he also plans to talk about a strategy for growth with leaders in Asia. “It’s a strategy in which Asian and Pacific markets are open to our exports,” Obama said. “Prosperity around the world is no longer as dependent on American consumption and borrowing, but rather more on American innovation and products.”

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BOJ’s Shirakawa Says Need for Corporate Debt-Purchase Programs Receding

October 3, 2009

By Mayumi Otsuma Oct. 3 (Bloomberg) — Bank of Japan Governor Masaaki Shirakawa said the need for the central bank’s corporate bond purchase programs has eased as companies regain access to funding in the markets. The necessity for policy “to support commercial and corporate bond markets has receded,” Shirakawa told reporters after a meeting of ministers and central bankers from the Group of Seven nations in Istanbul. The bank will decide how to handle its emergency programs “in accordance with the improvement” in credit markets, he said. The governor’s comment adds to signs the central bank may be inclined to let its emergency corporate-debt purchase programs expire at the end of the year as companies find it easier to gain access to funding. The bank’s quarterly Tankan survey this week showed that business managers found their access to credit has improved compared with three months ago. “If the Bank of Japan can become confident that the crisis mode for major companies’ borrowing is over, that’s an incentive for the bank to unwind the extraordinary measures,” said Izuru Kato , chief market economist at Totan Research Co. in Tokyo. Bank of Japan policy makers may decide as soon as this month to let their programs of buying commercial paper and corporate bonds expire at the end of 2009, people with direct knowledge of the discussions have said. Shirakawa said the risk to the economy from tight funding conditions “has been receding drastically.” The central bank will keep interest rates low to support economic growth, he added. The governor said he explained his views at today’s G-7 meeting and other countries showed “sufficient understanding and support.” Rate Cut After lowering the key rate to 0.1 percent in December, the bank started buying commercial paper and corporate bonds from lenders and offering them unlimited loans backed by collateral to channel funds to companies. The policy board extended all three plans until Dec. 31 when it met in July. The bank’s board will meet twice this month, on Oct. 13- 14 and Oct. 30. Policy makers may maintain the collateral- backed facility while revising the maturities and the amount of loans, one of the people familiar with the matter said. Deputy Governor Hirohide Yamaguchi and board member Miyako Suda said last month that keeping the emergency programs too long may hamper a recovery in capital markets. Suda said the need for the programs has decreased. “Corporate debt buying programs have been little used, and letting those facilities expire won’t surprise markets,” said Yasunari Ueno , chief market economist at Mizuho Securities in Tokyo. “As for the loan program, it’s been widely expected that the bank will keep the tool for longer while changing its condition.” Severe State Finance Minister Hirohisa Fujii , speaking at the same press conference, said the Japanese economy is still in a “severe state” and it’s too early to discuss an “exit policy.” When asked whether he referred to the central bank’s corporate debt purchase programs, Fujii said there are “various views” on what “exit policy” means. On the yen, he said the government will intervene if it moves in a “biased direction.” The central bank will probably refrain from raising rates even after it ends emergency credit programs, as Japan’s recovery is threatened by rising unemployment and deflation, analysts said. Officials will keep the overnight lending rate at 0.1 percent through 2010, according to 14 of 16 economists in a Bloomberg News survey last month. To contact the reporter on this story: Mayumi Otsuma in Istanbul at motsuma@bloomberg.net

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