Strategic Joint Ventures for Clients

Coca-Cola Co. : Group Danone SA
Participated in advising the US$18 Billion Groupe Danone about the sale of its 49% stake to Coca Cola. This JV was not originally conceived nor "serviced" by The Elliott Company during its existence. Danone owns the "Evian" branded high-end business which has been Coke's premium priced USA offering. JV valuation activity was shared with JPMorgan Investment Banking. Our focus emphasized assessing future outcomes worthy of incorporating into value, as well as value Coca Cola would receive, plus the cash flow burdens associated with continuing in the disappointing JV. JPMorgan focused on valuing booked assets, mostly reflecting 5 USA plants, and inventories. Valuing the overall joint venture goodwill was a collaborative effort.