The Central Bottling Company (Coca Cola Israel) will have a stake of nearly 80% in the mineral water company.
The Central Bottling Company (Coca Cola Israel), owned by Moshe (Mozi) Wertheim, has bought control of mineral water company Neviot.
The Podhorzer family, which owns Neviot, will sell the Central Bottling Company 44.52% of the issued shares of the company. The Central Bottling Company already owns 34.06% of Neviot, so that its total stake will amount to 78.58%.
The Central Bottling Company will pay $11.6 million for the shares, and in addition will pay the Podhorzer family 2.3% of Neviot's sales turnover in the years 2005-2007, up to $2.5 million.
The acquisition price reflects a $27 million value for Neviot, compared with a market cap of $22.6 million, giving a 20% premium over market.
Published by Globes [online] - www.globes.co.il - on June 28, 2004