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Coca-Cola Amatil fell by the most in more than a decade in Sydney trading after Lion Nathan scrapped its A$7.3 billion ($9.3 billion) offer for Australia's biggest soft-drink maker.
Coca-Cola Amatil shares fell 12 per cent to A$8.24 during trading yesterday after Lion Nathan, Australia's second-largest brewer, withdrew the bid after the biggest shareholder in Sydney-based Amatil rejected the offer. That's the biggest intraday decline since October 1997. Shares closed down A$1.05c at A$8.30.
Lion Nathan would have tripled sales and overtaken Foster's Group as the nation's biggest drinks group with a successful takeover.
In November, it offered Coca-Cola Amatil investors A$6.15 in cash and 0.469 Lion Nathan shares for each share they own, valuing the company's stock at A$9.99 apiece on Friday's prices.
- BLOOMBERG
