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Coca-Cola Amatil (ASX:CCL) has denied that its US parent company Coca-Cola Company is looking to sell its 30 per cent stake in the company.
Coca-Cola Company could benefit from a rising Australian dollar by selling its interest in its Australian beverages manufacturer.
However, Coca-Cola Amatil’s CEO Terry Davis has told The Australian Financial Review that such speculation is “baseless”.
The paper reports that Coca-Cola Company’s 233 million shares in Coca-Cola Amatil are currently valued at $US2.6 billion, compared with $US2.3 billion the same time last year.
Coca-Cola Amatil increased its net profit by 11 per cent to $497 million in the 2010 financial year.
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