Coca-Cola completes deal for stake in Aujan

Associated Press

ATLANTA (AP) — The Coca-Cola Co. said Monday that it completed its acquisition of about half of Saudi Arabia's Aujan Industries for about $980 million.

Under the terms of the deal originally announced in December 2011, Atlanta-based Coca-Cola bought a 50 percent stake in the part of Aujan that holds rights to the company's brands, and 49 percent of its distribution company.

Aujan sells the popular Rani line of fruit drinks and the nonalcoholic malt beverage Barbican throughout the Middle East. It also holds the regional license for Vimto, a British spiced fruit drink that is popular with many Muslims celebrating the holy month of Ramadan.

Coca-Cola said the acquisition expands its lineup of juice products and helps boost value for its shareholders.

Coca-Cola said the deal is part of its plan, announced in October 2011, to invest $5 billion in the Middle East and North Africa region over the next 10 years.

Coca-Cola shares rose 2 cents to $38.05 in morning trading.