South Africa's Competition Tribunal has approved a merger which will lead to the creation of the continent's largest soft drink beverage operation, with a turnover of billions of rands.
The new entity will be known as Coca-Cola Beverages Africa - or CCBA.
It will be formed due to a merger involving SABMiller plc, The Coca-Cola Company and Port Elizabeth's Gutsche Family Investments.
The value of the money changing hands in the merger was not disclosed in a joint statement by the companies.
They say that they have agreed to invest R800-million rand to fund enterprise development in the agriculture value chain, with the emphasis on historically disadvantaged farmers and small suppliers.
Millions have also been earmarked for the skills development of an additional 25 000 black-owned retailers who will sell the new entity's products.
Gutsche family Investments chair, Phil Gutsche of Port Elizabeth, expressed his delight at the approval by the Competition Tribunal, adding that they will be able to deliver on the significant benefits promised by the creation of CCBA.
Gutsche says given the scope and reach of the new company, it will help to position South Africa as the undisputed economic gateway to Africa.
CCBA will be headquartered in South Africa and will serve 12 countries.
The statement says the bottling operations will have an estimated annual revenue of $2.9-billion - or about 44-billion rand and the current exchange rate.
