The surprise caused Coca-Cola's decision to sell 7.32%, which belongs to the B Series Embotelladora Andina. Not only for the "leaving" gesture on behalf of the company (it has another similar percentage "Serie A"), but for the limited time the action will take place: the order book was opened on Tuesday and will end today at. 14:00 to give Friday more than 69 million shares, corresponding to the percentage of participation.
But this is not the first step Coca-Cola has made in this direction. In 2011, the company sold its share of Embonor, the second Coca-Cola bottler in Chile – Rentas Libra Holding, and worldwide Coca-Cola Company CEO James Queens already gave a glimpse of what would be a strategy for the company.
In an interview with the Financial Times in May 2017 (a few days after taking office, replacing historic Muhtar Kent), he noted that "Coca-Cola has been and will always be the heart and soul of the company, but the company can be bigger than that," adding that it was necessary to stop with the internal culture, also focusing on the brand of the same name.
And recent activities have shown it. In August 2018, it announced the acquisition of Costa Coffee, while in Chile, along with its system companies, won Guallarauco.
"Coca-Cola Company is constantly evaluating the most effective way to use its capital. This includes irregular changes in our bottler investments, from repeated franchises, as we have done many times over the last few years, with changes in our bottlers. Coca-Cola Andina sells part of our interest will allow Coca-Cola to redirect capital that will benefit Coca-Cola Andina and Coca-Cola as a whole, ”said the company on Tuesday.
The operation opens the door to speculation about what could enter Andina's property. Guillermo Araya, CEO of "Estudios de Renta 4" explained that the B series shares, as they are not "politicians" (select only two directors, while the A-series chooses 12), receive 10% more dividends, "then for a person who wants to" share " "It's a good investment."
Although this does not exclude that it could be a closed business, "in the sense that it warns one Tuesday on Thursday and maybe the buyer is already closed."
In any case, Araya dramatized the sale by saying that "what Coca-Cola has done is to give up its economic power rather than its political power", given that at least so far it retains membership of Serie A.
During the day, Andina Serie B's shares were closed for $ 2.525 per share, down 0.98% on the previous day, maintaining a bearish performance on Tuesday, when documents fell by 4.07%.