Global Consumer Staples Conference 2015 Global Consumer Staples Conference 2015 John F. Brock Chairman & CEO Nik Jhangiani SVP & CFO Filed by Coca-Cola Enterprises, Inc. pursuant to Rule 425 of the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject Company: Coca-Cola Enterprises, Inc. Filer's SEC File No.: 001-34874 Date: September 9, 2015 |
2 Included in this Presentation are Forward-Looking Management Comments and Other Statements that Reflect Managements Current Outlook for Future Periods. Forward-Looking Statements (1 of 2)
Forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from the Coca-Cola
Companys (TCCC), Coca-Cola Enterprises, Inc.s (CCE) or Coca-Cola European Partners Limiteds (CCEP) historical experience and their respective present expectations or projections, including
expectations or projections with respect to the proposed transaction. The
forward-looking statements in this presentation should be read in
conjunction with the risks and uncertainties discussed in TCCCs and CCEs filings with the Securities and Exchange Commission (SEC), including the most recent Form 10-K, subsequently filed Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K and other SEC
filings. IMPORTANT: all statements and references to CCEP and the proposed
transaction are made with full recognition that such transaction is
subject to regulatory approvals and other conditions of closing. Until closing of the transaction, each party continues to operate its business separately and independently, and the parties will not take any steps to
implement the transaction until all necessary approvals have be obtained.
You should not place undue reliance on forward-looking statements, which speak only
as of the date they are made. None of TCCC, CCE, CCEP, or
Coca-Cola Iberian Partners (CCIP) undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. None of
TCCC, CCE, CCIP, or CCEP assumes responsibility for the accuracy and completeness of
any forward-looking statements. Any or all of the
forward-looking statements contained in this presentation and in any other public statements may prove to be incorrect. |
3 x This communication may contain statements, estimates or projections that constitute forward-looking statements as
defined under U.S. federal securities laws. Generally, the
words believe, expect, intend,
estimate, anticipate, project, plan, seek, may, could, would, should, might, will, forecast,
outlook, guidance, possible, potential, predict and similar expressions identify forward-looking statements, which generally are
not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from TCCC, CCE, or CCEP historical experience and
their respective present expectations or
projections,
including
expectations
or projections with respect to the transaction. These risks include, but are not limited to, obesity concerns; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the marketplace; product safety and quality concerns;
perceived negative health consequences of certain
ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in their beverage products or packaging materials; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key
retail or foodservice customers; an inability to expand
operations in emerging or developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with their partners; a deterioration in their partners financial condition; increases in income tax rates, changes in income tax laws
or unfavorable resolution of tax matters; increased or new
indirect
taxes in the United States or in other tax jurisdictions; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws and regulations relating to beverage containers and
packaging; significant additional labeling or warning
requirements or limitations on the availability of their respective products; an inability to protect their respective information systems against service interruption, misappropriation of data or breaches of security; unfavorable general economic or political conditions in the United States,
Europe or elsewhere; litigation or legal proceedings;
adverse weather conditions; climate change; damage to their respective
brand images and corporate reputation from negative publicity, even if unwarranted, related to product safety or quality, human and workplace rights, obesity or other issues; changes in, or failure to comply with, the laws and
regulations applicable to their respective products or
business operations; changes in accounting standards; an inability to
achieve their respective overall long-term growth objectives; deterioration of global credit market conditions; default by or failure of one or more of their respective counterparty financial institutions; an inability to timely implement
their previously announced actions to reinvigorate growth,
or to realize the economic benefits they anticipate from these actions;
failure to realize a significant portion of the anticipated benefits of their respective strategic relationships, including (without limitation) TCCCs relationship with Keurig Green Mountain, Inc. and Monster Beverage Corporation; an
inability to renew collective bargaining agreements on
satisfactory terms, or they or their respective partners experience
strikes, work stoppages or labor unrest; future impairment charges; multi-employer plan withdrawal liabilities in the future; an inability to successfully manage the possible negative consequences of their respective productivity initiatives; global or regional catastrophic events; risks and uncertainties relating to the transaction, including the risk that the businesses will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected, which could result in additional demands on TCCCs or CCEPs resources, systems, procedures and controls,
disruption of its ongoing business and diversion of
managements attention from other business concerns, the
possibility that certain assumptions with respect to CCEP or the transaction could prove to be inaccurate, the failure to receive, delays in the receipt of, or unacceptable or burdensome conditions imposed in connection with, all required regulatory
approvals and the satisfaction of the closing conditions
to the transaction, the potential failure to retain key employees of CCE, CCIP as a result of the proposed transaction or during integration of the businesses and disruptions resulting from the proposed transaction, making it more difficult to maintain business relationships; and other risks
discussed in TCCCs and CCEs filings with the
Securities
and Exchange Commission (the SEC), including their respective Annual Reports on Form 10-K for the year ended December 31, 2014, subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which filings are available from the SEC.
Forward-Looking Statements (2 of
2) |
4 4 Agenda CCE HIGHLIGHTS CCEP OVERVIEW CCE SHAREOWNER VALUE & CCEP FINANCIAL HIGHLIGHTS CRS & KEY TAKEAWAYS |
Vision & Operating Framework
Deliver Consistent Long-Term Profitable Growth
BE THE BEST
beverage sales and service company STRATEGIC PRIORITIES STRATEGIC PRIORITIES LEAD category value growth EXCEL at serving our customers with world class capabilities DRIVE an inclusive & passionate culture VISION VISION 5 |
6 Solid Foundation Competing in the Attractive Non-Alcoholic Ready-to-Drink (NARTD) Category GROWING CATEGORY LEADING POSITION LARGE CATEGORY 6 |
7 1. AC Nielsen FY14, rounded 2. Canadean FY14, excludes tap/bulk water & dairy, rounded Large & Growing Category Non-Alcoholic Ready-to-Drink (NARTD) $40bn 2 Non Measured Channels $29bn 1 Measured Channels $69bn Retail Value NARTD Indexed to FMCG 1 Retail Value Growth +1.2% in 2014 FMCG NARTD 1.1x 1.7x 2013 2014 |
8 2015 Highlights Brands Growth & Innovation Package Innovation 100th Anniversary Contour Marketing Activation Rugby World Cup Coca-Cola Trademark One Brand Strategy |
9 One Iconic Brand, One Coca-Cola Family Since 1886 Lower calorie; Sweetness from natural sources Zero calories; Great Coke ® taste No calories; No sugar One Common Identity 4 Distinct Product Benefits Putting Choice at the Heart of Our Trademark Strategy Choose Happiness |
10 Product Innovation and Expansion New Flavor, Sweetener, and Package Introductions Covering Both Immediate and Future Consumption Occasions New Product and Territories Within the Last Year |
11 Customer Centric Supply Chain Procurement, Production, and Logistics Excellence Pan-European scale supported with global procurement capability Flexible & efficient logistics Cost-efficient production & expandable infrastructure Responsible & sustainable Excel at Serving Our Customers with World Class Capabilities |
12 Our People Experienced team Solid bench strength Investing in capabilities Focus on diversity Driving an Inclusive and Passionate Culture |
13 13 Agenda CCE HIGHLIGHTS CCEP OVERVIEW CCE SHAREOWNER VALUE & CCEP FINANCIAL HIGHLIGHTS CRS & KEY TAKEAWAYS |
Transaction Highlights Combines 3 entities: CCE, CCIP, and CCEAG Will serve over 300m consumers across western Europe (13 countries) Pro forma 2015E net revenues of $12.6bn and EBITDA of $2.1bn (pre-synergies) Annual pre-tax savings expected in a range of $350-$375m within 3 years of closing Headquartered in London; publicly traded on Euronext Amsterdam, NYSE, and Madrid exchanges Source: Company reports, rounded, based on exchange rates of 1.12 $/, 1.57 $/£, 0.14 $/NOK, 0.12 $/SEK Norway Sweden Netherlands Germany France Great Britain Iceland Spain Portugal Andorra Luxembourg Monaco Belgium CCE CCIP CCEAG Note: All estimates reflect combined independent estimates of CCE, CCIP, and CCEAG/TCCC with full recognition that the proposed transaction is
subject to regulatory approvals and other conditions of closing.
Until closing of the transaction, each party continues to operate its business separately and independently and the parties will not take any steps to implement the transaction until all necessary approvals have been obtained. 14 |
15 Market & Volume Highlights In CCEP markets, CSD and NCB are high value segments relative to water CCE, CCIP, and CCEAG excel in the high value CSD category CCE, CCIP, and CCEAG opportunistically and selectively participate in other segments CSD 3 NCB 3 Water 1. AC Nielsen, NARTD Retail Value mix in USD (converted CCIP at exchange rates of 1.12 $/) 2. Company reports (in unit cases) 3. CSD = Carbonated Soft Drinks, NCB = Noncarbonated Soft Drinks 2014 CCEP Market Mix 1 2014 Company Volume Mix 2 45% 32% 88% 80% 86% 33% 20% 8% 11% 3% 22% 48% 4% 9% 11% NARTD Retail Value NARTD Volume CCE CCIP CCEAG 15 |
16 Channel Highlights 2014 Channel Mix By Volume CCE, CCIP, and CCEAG have a similar mix between home and cold channels CCEP will leverage best practices from each territory looking at areas such as revenue growth management, in-outlet execution, availability, customer segmentation, wholesaler engagement Home Cold Source: Company reports (in unit cases), rounded; Home = Customers that generally
sell beverages at room temperature for later consumption, Cold = Customers
that generally sell beverages at chilled temperature for immediate
consumption 16
62% 58% 62% 38% 42% 38% CCE CCIP CCEAG |
17 Route-To-Market (RTM) Highlights Flexible and efficient delivery is key to meeting customer needs CCEP will leverage best practices across territories The choice between direct and indirect delivery depends on many factors including population density and customers supply chain 2014 Delivery Mix By Volume 17 80% Indirect 20% Direct Source: Company reports (in unit cases), rounded; Direct is company owned/leased trucks delivering directly to customer retail
outlet |
18 Leveraging Best Practices Supply Chain Excellence World-Class Sales Team Large Store Expertise Leading Coca-Cola System Bottler Excellence in Industrial Productivity Excellence in TCCC Partnership Model World-Class Segmentation of and Execution in Outlets Customer Engagement & Loyalty Winning Household Penetration Strategy Discounter Expertise |
19 Creating Value From Synergies Shared vision between TCCC and CCEP to drive growth in Western Europe Enhanced commercial partnerships with pan- European, large, local, and independent customers Scale and speed to win in new categories (e.g., stills) Shared vision between TCCC and CCEP to drive growth in Western Europe Enhanced commercial partnerships with pan- European, large, local, and independent customers Scale and speed to win in new categories (e.g., stills) Increase manufacturing and warehouse efficiency and effectiveness Savings opportunities in procurement of direct and indirect categories Increase manufacturing and warehouse efficiency and effectiveness Savings opportunities in procurement of direct and indirect categories Opportunity to share core support functions across the new company Reduce management team duplications Adjust required headquarters facilities Opportunity to share core support functions across the new company Reduce management team duplications Adjust required headquarters facilities Topline Growth Topline Growth Supply Chain Supply Chain Operating Expenditures Operating Expenditures Expected Annual Run-Rate Pre-Tax Savings in a Range of $350-$375m Within 3 Years of Closing |
Experienced Management Team John Brock Chairman & CEO of CCE Damian Gammell CEO of Anadolou Efes Nik Jhangiani CFO of CCE V íctor Rufart GM of CCIP 9 years of experience in the Coca-Cola System 20+ years management experience with leading European beverage companies Former CEO of InBev (2003-2005) COO of Cadbury Schweppes (1999-2002) 24 years experience in the Coca-Cola System Former CEO of Coca- Cola Içecek, former CEO of CCEAG, former Commercial Director of Coca-Cola Amatil, former CEO of Coca-Cola Hellenic Russia 15+ years of experience in the Coca-Cola System and 20+ years as finance executive in global markets Former VP of Finance of CCE, former Group CFO of Bharti Enterprises, former CFO of Coca-Cola Hellenic Bottling Company (2004-2009) 25 years of experience in the Coca-Cola System Former General Manager of Cobega Mr. Rufart successfuly led the integration of the 8 Spanish and Portuguese bottlers that formed CCIP * Chief Integration Officer CEO COO CFO CIO* 20 |
Enhance
the Coca-Cola system to more effectively compete and drive growth
with a world-class production, sales and distribution
platform CCEP
Key Takeaways
Leverage CCE, CCIP, and CCEAG best practices
driving value for customers and consumers
Generate expected savings in a range of $350-$375m
(annual pre-tax run-rate within 3 years of closing)
21 |
22 Agenda CCE HIGHLIGHTS CCEP OVERVIEW CCE SHAREOWNER VALUE & CCEP FINANCIAL HIGHLIGHTS CRS & KEY TAKEAWAYS 22 |
23 CCE Financial Priorities Continually Enhancing Our Operating Model to Drive Sustainable Future Growth earnings in line with our long-term objectives Consistent Consistent free cash flow (FCF) and maintain financial flexibility Maximize Maximize return on invested capital and deliver shareowner value Increase Increase |
24 CCE Focus on Free Cash Flow Over Time, We Expect FCF to More Closely Align with Net Income Proven ability to manage CapEx Growing FCF over time: 2011-2015E CAGR = +6% 2015 FCF expected in a range of $600-650m (including FX headwind) Improving FCF conversion rate (76% in 2013, 90% in 2014) Increasing Cash from Operations Source: Year-end earnings releases; Conversion is FCF (excluding asset disposals) divided by comparable Net Income |
25 CCE 2015 2015 Highlights 2015 Highlights Affirm 2015 Guidance* Affirm 2015 Guidance* Focused on Improving Growth Outlook and Committed to Delivering Shareowner Value Slightly positive net sales Slightly positive operating income Diluted EPS at the upper end of the 6% - 8% range Focused on improving our growth outlook Deliver our 2015 plan Work towards successfully closing merger transaction and plan for business integration into CCEP in 2016 * Comparable and currency neutral |
26 CCE Financial Approach Focus on Driving Shareowner Value Grow profitably while investing CapEx prudently Drive Cash from Operations Drive Cash from Operations Maintain target leverage range Optimize Capital Structure Optimize Capital Structure Invest in high return M&A opportunities and/or return cash to shareowners Opportunistically Invest and/or Return Cash to Shareowners Opportunistically Invest and/or Return Cash to Shareowners |
27 CCE Financial Approach Work towards successfully closing merger transaction Plan for business integration, leverage best practices, capture synergies Develop long-term targets and financial approach CCEP Drive Cash from Operations Optimize Capital Structure Opportunistically Invest and/or Return Cash to Shareowners Focus on Driving Shareowner Value |
28 CCEP Financial Overview Net Sales $12.4bn $12.6bn EBITDA (before Synergies) $1.9bn $2.1bn Operating Income (before Synergies) $1.5bn $1.6bn Run-Rate Annual Pre-Tax Savings 2 ~$350-$375m 2015 Net Debt/EBITDA 3 ~3.5x Effective Tax Rate 26% - 28% Key Pro Forma Metrics 1 2014 2015E 1. Company reports, rounded, based on exchange rates of 1.12 $/, 1.57 $/£, 0.14 $/NOK, 0.12 $/SEK
2. Implemented within 3 years of closing
3. After $3.3bn cash consideration funded by the new company using newly issued
debt Note: All estimates reflect combined independent estimates of CCE,
CCIP, and CCEAG/TCCC with full recognition that the proposed transaction is subject to regulatory approvals and other conditions of closing. Until closing of the transaction, each party continues to operate its business separately and independently
and the parties will not take any steps to implement the transaction
until all necessary approvals have been obtained. While There is Much to Do,
Each Company is On-Track to Achieve the Objectives for Full-Year
2015 (Pro Forma) 28 |
Capital
Structure 2015E pro forma net debt to EBITDA
ratio of ~3.5x after ~$3.3bn cash
consideration funded by the new
company using newly issued debt
Expect to de-lever net debt to EBITDA
ratio to ~2.5x by year-end 2017
Intend to operate within a 2.5x to 3.0x
net debt to EBITDA ratio longer term*
Capital Return Expected dividend payout of 30% to 40% of net income over time Potential for excess cash return to shareowners to resume once appropriate net leverage reached CCEP Additional Highlights Committed to Investment Grade Capital Structure CCEP to Target Attractive Total Shareowner Return * Year-end targets 29 |
30 Closing expected in the second quarter of 2016 Customary regulatory approvals and other conditions of closing CCE shareowner vote to approve the transaction File Form F-4 registration statement with the SEC CCEP Key Next Steps |
31 CCE Key Financial Takeaways Focus on Generating Cash from Operations, Consistent Long-term Profitable Growth, and Driving Shareowner Value We are realistic about the continued challenging environment and the impact of currency translation We have a history of, and commitment to, managing the levers of our business to deliver value We are excited about the opportunities to create value with the formation of CCEP |
32 Agenda CCE HIGHLIGHTS CCEP OVERVIEW CCE SHAREOWNER VALUE & CCEP FINANCIAL HIGHLIGHTS CRS & KEY TAKEAWAYS 32 |
CCE 2015 Sustainability Plan Reduce calories across our portfolio by 10% and enable 3 million people to be active Grow our business while reducing the absolute carbon footprint of our business operations by 50% Ensure that 40% of the PET we use is recycled PET and/or PET from renewable materials 34 targets & stretch commitments Strong alignment with The Coca-Cola Company Responds to stakeholder expectations and feedback 10th Annual Sustainability Report Well-Being Energy & Climate Change Sustainable Packaging and Recycling 2014/15 CCE CRS Report 33 |
34 CCE Business Environment Risks Though Optimistic Long-Term, We are Realistic About the Current Environment Soft consumer and customer environment Increasing focus on health and well-being Risk of increased taxes |
35 Key Takeaways CCE is Executing Our Strategic Priorities as We Work Toward a Successful Merger Close and Integration Into CCEP Operating environment remains challenging Financial priorities focused on long- term profitable growth Track record of, and focus on, delivering shareowner value |
Global Consumer Staples Conference 2015 John F. Brock Chairman & CEO Nik Jhangiani SVP & CFO |
FORWARD-LOOKING STATEMENTS
This communication may contain statements, estimates or projections that constitute forward-looking statements as defined under U.S. federal securities laws. Generally, the words believe, expect, intend, estimate, anticipate, project, plan, seek, may, could, would, should, might, will, forecast, outlook, guidance, possible, potential, predict and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from The Coca-Cola Companys (KO), Coca-Cola Enterprises, Inc.s (CCE) or Spark Orange Limiteds (CCEP) historical experience and their respective present expectations or projections, including expectations or projections with respect to the transaction. These risks include, but are not limited to, obesity concerns; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the marketplace; product safety and quality concerns; perceived negative health consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in their beverage products or packaging materials; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand operations in emerging or developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with their partners; a deterioration in their partners financial condition; increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters; increased or new indirect taxes in the United States or in other tax jurisdictions; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the availability of their respective products; an inability to protect their respective information systems against service interruption, misappropriation of data or breaches of security; unfavorable general economic or political conditions in the United States, Europe or elsewhere; litigation or legal proceedings; adverse weather conditions; climate change; damage to their respective brand images and corporate reputation from negative publicity, even if unwarranted, related to product safety or quality, human and workplace rights, obesity or other issues; changes in, or failure to comply with, the laws and regulations applicable to their respective products or business operations; changes in accounting standards; an inability to achieve their respective overall long-term growth objectives; deterioration of global credit market conditions; default by or failure of one or more of their respective counterparty financial institutions; an inability to timely implement their previously announced actions to reinvigorate growth, or to realize the economic benefits they anticipate from these actions; failure to realize a significant portion of the anticipated benefits of their respective strategic
relationships, including (without limitation) KOs relationship with Keurig Green Mountain, Inc. and Monster Beverage Corporation; an inability to renew collective bargaining agreements on satisfactory terms, or they or their respective partners experience strikes, work stoppages or labor unrest; future impairment charges; multi-employer plan withdrawal liabilities in the future; an inability to successfully manage the possible negative consequences of their respective productivity initiatives; global or regional catastrophic events; risks and uncertainties relating to the transaction, including the risk that the businesses will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected, which could result in additional demands on KOs or CCEPs resources, systems, procedures and controls, disruption of its ongoing business and diversion of managements attention from other business concerns, the possibility that certain assumptions with respect to CCEP or the transaction could prove to be inaccurate, the failure to receive, delays in the receipt of, or unacceptable or burdensome conditions imposed in connection with, all required regulatory approvals and the satisfaction of the closing conditions to the transaction, the potential failure to retain key employees of CCE, Coca-Cola Iberian Partners, S.A.s (CCIP) as a result of the proposed transaction or during integration of the businesses and disruptions resulting from the proposed transaction, making it more difficult to maintain business relationships; and other risks discussed in KOs and CCEs filings with the Securities and Exchange Commission (the SEC), including their respective Annual Reports on Form 10-K for the year ended December 31, 2014, subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. None of KO, CCE, CCIP or CCEP undertakes any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. None of KO, CCE, CCIP or CCEP assumes responsibility for the accuracy and completeness of any forward-looking statements. Any or all of the forward-looking statements contained in this filing and in any other of their respective public statements may prove to be incorrect.
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
In connection with the proposed transaction, CCEP will file with the SEC a registration statement on Form F-4 that will include a preliminary proxy statement/prospectus regarding the proposed transaction. After the registration statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to CCEs stockholders in connection with the proposed transaction. INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE TRANSACTION FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain a copy of the proxy statement/prospectus (when available) and other related documents filed by KO, CCE or CCEP with the SEC regarding the proposed transaction as well as other filings containing information, free of charge, through the website maintained by the SEC at www.sec.gov, by directing a request to KOs Investor Relations department at (404) 676-2121, or to CCEs Investor Relations department at (678) 260-3110, Attn: Thor Erickson Investor Relations. Copies
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of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, when available, without charge, from KOs website at www.coca-colacompany.com under the heading Investors and CCEs website at www.cokecce.com under the heading Investors.
PARTICIPANTS IN SOLICITATION
KO, CCE and CCEP and their respective directors, executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in favor of the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies in favor of the proposed merger will be set forth in the proxy statement/prospectus when it is filed with the SEC. You can find information about KOs and CCEs directors and executive officers in their respective definitive proxy statements filed with the SEC on March 12, 2015, and March 11, 2015, respectively. You can obtain free copies of these documents from KO and CCE, respectively, using the contact information above. Information regarding CCEPs directors and executive officers will be available in the proxy statement/prospectus when it is filed with the SEC.
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