Cott updates on Refresco deal
Toronto and Tampa, FL – Cott Corporation has encountered a regulatory issue with the announced sale of its traditional beverage manufacturing business to Refresco for USD $1.25 billion, the company said in a news release.
Refresco has been informed by the United Kingdom Competition Markets Authority that the acquisition of Cott Beverages by Refresco raises potential competition concerns in the U.K. for one specific category, juice drinks in PET (polyethylene terephthalate) using a special aseptic production process that allows them to be sold preservative-free without refrigeration.
In the U.K., the combined company produces these products in only two factories, Bridgwater (Refresco) and Nelson (Cott). Refresco, in consultation with Cott, is currently examining the details of the decision and is willing to offer suitable remedies and will fully co-operate with the CMA to address the concerns raised.
"Other than the one product category produced by both Cott and Refresco, the CMA did not find any other competition concerns," said Jerry Fowden, chief executive officer of Cott. "With clearance already received from the U.S. and Canadian regulatory authorities, as well as overwhelming support from Refresco's shareholders, Refresco, in consultation with Cott, is willing to propose remedies to the CMA to address their concerns and work towards the successful completion of the acquisition."
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