Coca-Cola bottlers confirm merger

• Three Coca-Cola bottlers have agreed to a merger combining $12B in revenue across 13 European countries, as part of a global consolidation push by Coke (NYSE:KO) to cut costs amid slowing sales.
• Under the new tie-up, Coca-Cola Enterprises (NYSE:CCE-OLD) would relocate its headquarters to the U.K., merging with Spanish and German operations to form "Coca-Cola European Partners".
• The bottlers expect the move to generate annual cost savings of $350M-$375M within three years.
• Previously: Coca-Cola Enterprises to combine with two other European bottlers (Aug. 06 2015)