Big changes for Coca-Cola in Europe

Three European bottlers of Coca-Cola drinks have agreed to merge helping to cut costs as consumers buy fewer fizzy drinks. Coca-Cola Enterprises (CCE) will combine with the beverage maker's German subsidiary (CCEAG) and Coca-Cola Iberian Partners (CCIP). The company will be called Coca-Cola European Partners (CCEP) and will generate about $12.6bn per year. - It's a major milestone and major transaction that will benefit all parties involved - said Muhtar Kent, Coca-Cola Chief Executive. The plan is to cut costs of up to $375m within three years. The deal is structured as a so-called tax inversion, with CCE moving its corporate headquarters from Atlanta to London, so it can cut exposure to higher US taxes. CCE shareholders will own 48% of the new company, CCIP will have 34%, while Coca-Cola Co. will hold 18%.

THE Coca-Cola Company

Coca Cola

Coca Cola Enterprises

Coca Cola Iberian Partners

Coca Cola European partners

Muhtar Kent

CEP

CIP

Coca Cola Co