CCHBC has also revealed that a drop in consumer confidence is negatively impacting on the firm's product mix, with consumers reducing their spending on higher margin products and through more profitable sales channels.
The transaction will increase CCHBC volumes in Italy by around 25%, expanding its franchise through the whole of Italy, with Socib operating in the south.
In August 2008, CCHBC reached an agreement to acquire Italy's second largest Coca-Cola bottler, Socib S.
Weak results from the industry's major players, including CCHBC and Campari over the last 6 months mean that BMI does not hold out much hope for a turnaround going forward.
2 million, has been approved by the CCHBC Board following legal and financial due diligence and receipt of an independent fairness opinion on the purchase price.
Doros Constantinou, Managing Director of CCHBC, commented:
shares are listed on the Athens Stock Exchange (ASE: EEEK), with secondary listings on the London (LSE: CCB) and Australian (ASX: CHB) Stock Exchanges.
The acquisition is subject to normal due diligence, CCHBC Board approval, and completion of closing documentation.
CCHBC shares are listed on the Athens Stock Exchange (ASE:EEEK), with secondary listings on the London (LSE:CCB) and Australian (ASX:CHB) Stock Exchanges.