Coke To Buy Stake In Two Operations

Coca-Cola Enterprises said Tuesday it reached an agreement in principle to buy Coca-Cola Co.’s 48 percent ownership in Coca-Cola Beverages Ltd. of Canada and its 49 percent interest in Coca-Cola Bottling Co. of New York Inc.

Once completed, the deal - purchase price and acquired debt - involving both companies will be approximately $1.66 billion, Coca-Cola Enterprises said.

Henry A. Schimberg, president of Coca-Cola Enterprises, said the company sees “significant volume growth and margin improvement opportunities … in the Canadian and New York markets.”