Whitbread: EU clears Costa's sale to Coca-Cola
(CercleFinance.com) - British hotel operator Whitbread said it has obtained permission from the European Commission to sell its Costa coffee chain to US beverage giant Coca-Cola.
The sale is now expected to be completed to occur in January 2019, when Whitbread expects to receive the full proceeds of 3.9 billion pounds in cash.
Whitbread intends to return a significant majority of the proceeds to its shareholders through a share repurchase program of up to 500 million pounds, it said.
Whitbread shares are currently up 0.8% in London.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The sale is now expected to be completed to occur in January 2019, when Whitbread expects to receive the full proceeds of 3.9 billion pounds in cash.
Whitbread intends to return a significant majority of the proceeds to its shareholders through a share repurchase program of up to 500 million pounds, it said.
Whitbread shares are currently up 0.8% in London.
Copyright (c) 2018 CercleFinance.com. All rights reserved.