Coke bottlers in potential sale to Mexico counterpart; say no relationship to PBA sale

Mexico-based Coca-Cola FEMSA, the world’s largest Coke bottler, has entered into an agreement with The Coca-Cola Company to explore the possibility of acquiring a controlling stake in the beverage company’s Philippine bottling operation.

The Mexican company said in a statement Tuesday that it had signed a year-long exclusive arrangement with Coca-Cola that would allow FEMSA to evaluate purchase of the stake in Coca-Cola Bottlers Philippines, Inc.

The news of the deal comes amid issues surrounding CCBPI in the sporting world. The company owns the Powerade Tigers franchise in the PBA.

In a special meeting by the league’s Board of Governors last Monday, CCBPI stressed that there was no truth to reports that the PBA franchise had been sold to San Miguel Corporation, which already owns three teams in the PBA. Earlier, CCBPI admitted that it has had talks with SMC regarding the sale.

In a telephone interview with InterAKTV, CCBPI communications director Cat Avelino denied there was any relationship between the FEMSA agreement and any sale of the PBA team.

PBA chairman Mamerto Mondragon said that information about CCBPI’s agreement with FEMSA was not discussed during the board’s special meeting on the status of the Powerade franchise. He said that he will ask fellow board members about the reported agreement.

After the special board meeting, Powerade’s newly-appointed representative to the PBA board Ronald Asuncion made a pronouncement regarding the team’s commitment to the pro league.

“We intend to stay in the PBA. There’s no specific time as to how long we’re going to stay, but we will stay as long as it takes for us to win the championship,” said Asuncion.

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