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S&P/ASX 200 is higher as European makes $9.3 billion bid for Coca-Cola Amatil

Gold prices eased to a one-week low of US$1899.41 today in early Asia trade as the US dollar firmed.

Castillo Copper Ltd - S&P/ASX 200
Brent crude fell 53 cents or 1.3% to US$41.24 today, extending last week’s losses

S&P/ASX 200 (INDEXASX:XJO) has gained 0.08% to 6172 points by around 1.30 pm with all sectors in the green except materials and financials.

The consumer staples sector is outperforming with a 1.18% gain, followed by a 0.73% rise for communications.

Materials are down 0.36% after iron ore and gold prices fell overnight.

The financial sector is down 0.16% with National Australia Bank Ltd (ASX:NAB) falling 1.3% and Macquarie Group Ltd (ASX:MQG) dipping 0.5%.

Coca-Cola Amatil takeover

Coca-Cola European Partners PLC (NYSE:CCEP) is in advanced talks to acquire Australia’s Coca-Cola Amatil (ASX:CCL) in a deal valued at $9.3 billion.

Under the proposed deal unveiled by Coca-Cola Amatil today, Amatil shareholders would receive $12.75 cash per share, which is a 23% premium to its share price.

The deal would be the biggest takeover in Australia this year but prices the target company below its pre-COVID market valuation in February.

U.S.-based Coca-Cola Co (NYSE:KO) owns a 19.11% stake in Coca-Cola European Partners, the world’s largest independent bottler of Coca-Cola.

Top gainers

Today’s top gainers on the ASX include Castillo Copper Ltd (ASX:CCZ) (+8.16%), Technology Metals Australia Ltd (ASX:TMT) (+8.82%), Andromeda Metals Ltd (ASX:AND) (+10.71%), West Wits Mining Limited (ASX:WWI) (+17.33%), PNX Metals Ltd (ASX:PNX) (+10.00%), Emperor Energy Ltd (ASX:EMP) (+10.34%) and Corazon Mining Ltd (ASX:CZN) (+33.33%).

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