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Coca-Cola FEMSA completes Philippine exit

Coca-Cola FEMSA SAB de CV said Dec. 13 that it completed the sale of its 51% stake in Coca-Cola FEMSA Philippines Inc. back to U.S. soft drinks giant Coca-Cola Co., marking FEMSA's exit from the Southeast Asian country.

Coca-Cola FEMSA sold the shares, which were held by its subsidiary Controladora de Inversiones en Bebidas Refrescantes SL, for $715 million.

The Mexican Coca-Cola bottler announced the move in August following a "deep and thorough" analysis of the business.

The company said it will use the proceeds from the transaction to pay debt and for other general corporate purposes.