This Day in Financial History - December 22 . . .

1997 - Coca-Cola went Christmas shopping on this day and came home with a rather hefty present: Orangina, the "sparkling" French beverage formerly owned by Pernod Richard. Coke's new toy cost a cool $840 million, which caught Wall Street off-guard; financial insiders believed that Orangina's price tag had originally been in the $600 to $700 million range. However, Coca-Cola officials were angling to expand their roster of "non-cola" drinks and Orangina, which ranked second to Coke in overall market share in France, seemed like a potentially savvy addition to the American soft-drink giant's roster of beverages. Meanwhile, Pernod Richard planned to use the money from the deal to boost its international offerings of "wines and spirits." Source: www.history.com





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