11th Oct 2018 08:07
LONDON (Alliance News) - Whitbread PLC said Thursday that its shareholders voted in favour of the proposed GBP3.90 billion sale of the company's Costa Coffee business to US soft drinks giant Coca-Cola Co with a staggering majority.
At a general meeting held on Wednesday, 99% of shareholders approved the sale with 116.2 million votes cast in favour.
In August, Whitbread, who also owns the Premier Inn hotel chain, announced the sale to Coca-Cola claiming it was "in the best interests of shareholders".
The FTSE 100 company said proceeds of the sale would be used to pay down debt and boost the pension fund, as well as claiming it would return a "significant majority" of net cash proceeds to shareholders.
Whitbread shares were trading down 1.1% at 4,580.0 pence each early Thursday morning.
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