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Coca-Cola Amatil Limited (ASX:CCL) has confirmed it will not go ahead with acquiring Foster’s Australian spirits business.
The soft drink company decided not to proceed following initial due diligence.
Under Coca Cola’s Pacific Beverage sale agreement with SABMiller, it will receive about $34 million for choosing not to purchase the Australian spirit and spirit RTD business.
Coca-Cola will inject the funds to support its own alcohol growth plan.
Coca-Cola Amatil reported a full year net profit of $592 million for the 2011 calendar year.
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