Swire bids for Taiwan Coke

SWIRE Pacific has made a general offer to the shareholders of Taiwan Coca-Cola Bottling Co to acquire their total holdings of 51 per cent or 2.04 million shares in the company for HK$175 million.

Taiwan Coke is a private company with four million issued shares.

Swire has a 14.5 per cent interest in Taiwan Coke through 50 per cent owned Coca-Cola Swire Beverages, which has a 29 per cent stake in the Taiwanese firm.

If the acquisition goes through, Swire's holding will rise to 65.5 per cent and it will assume management responsibility.

''The general offer to increase the shareholding in Taiwan Coke is consistent with the long-term corporate strategy of the Swire group and is a further indication of its commitment to the region,'' said Swire's managing director for the industries division, Jim Conybeare.

The offer, made through wholly owned subsidiary Swire Pacific Industries, is conditional on acceptance by all the Taiwanese shareholders.