Coca-Cola Co. closes $3.4B bottler buyout

Coca-Cola Co. closes $3.4B bottler buyout

NEW YORK

Coca-Cola Co. has completed its $3.4 billion buyout of the North American operations of its largest bottler, part of the company’s plans to control more of its distribution to better react to changing customer tastes.

The world’s largest soft- drink maker closed the deal Sunday for the domestic unit of Coca-Cola Enterprises Inc. Including about $8.8 billion in assumed debt, the transaction is valued at nearly $12.3 billion. In exchange, the bottler will buy certain foreign bottling operations from Coca-Cola, and its shareholders get stock in a new company and $10 per share.

The bottler’s shareholders approved the deal Friday. Earlier in the week regulators approved the sale with certain conditions, namely that Coca-Cola restrict its access to business information from rival Dr Pepper Snapple Group Inc. Some of Dr Pepper’s drinks are bottled by Coca-Cola Enterprises under a deal made when it was an independent bottler.

Exec checked only date on foreclosures

WASHINGTON

A Wells Fargo executive has acknowledged that he verified only the dates on up to 150 foreclosure documents he signed daily. The executive made his admission in a May deposition involving a Washington state homeowner. He said he relied on co-workers to ensure that other information in the documents was correct.

Three other lenders, Ally Financial Inc.’s GMAC Mortgage unit, Bank of America Corp. and JPMorgan Chase & Co., have halted tens of thousands of foreclosures after similar practices became public.

Wells Fargo & Co. is confident that foreclosure documents involving the bank are accurate, and it has no plans to halt foreclosures, said Vickee Adams, a spokeswoman for the San Francisco-based bank. She noted that the Washington homeowner’s case was dismissed.

Verizon Wireless to refund customers

NEW YORK

Verizon Wireless could pay out up to $90 million in refunds to cell phone customers who were improperly charged for inadvertent Web access or data usage over the past several years.

The FCC had asked Verizon Wireless last year about $1.99-a-megabyte data access fees that appeared on the bills of customers who didn’t have data plans but who accidentally initiated data or Web access by pressing a button on their phones.

In a statement on its website Sunday, Verizon Wireless said most of the 15 million customers affected will receive credits of $2 to $6 on their October or November bills. Some will receive larger sums. Customers no longer with the New York-based carrier will get refund checks.

Plant seeks to open

MONTPELIER, Vt.

Shot down once, the owners of the Vermont Yankee nuclear plant continue pushing for a second vote by state lawmakers for a license extension allowing it to stay open past 2012.

Vermont is the only state that has given itself the power to turn thumbs down on a re-licensing.

Associated Press