The European wing's initial offer to buy Coca-Cola Amatil at $10 a share was knocked back by the board. Last month, it came back with another $9.3b bid that works out to $12.75 a share.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest ...