9:05am 12/23/02 Coca-Cola Femsa buys Panamco for $3.6 billion (KOF, KO, PB) By Tomi Kilgore Coca-Cola Femsa (KOF) , a distributor and producer of Coca-Cola beverages in parts of Mexico and Argentina, has entered into an agreement to buy Panamerican Beverages (PB) (Panamco) for $3.6 billion, which includes the assumption of $880 million in debt. Under terms of the deal, the weighted average value of each Panamco share is $22.87 each. The Coca-Cola Company (KO) will receive the equivalent of $674 million, or $22 per Panamco share its owns, for the sale of its stake in the Coke distributor. Panamco shares closed Friday down 2 cents at $10.09. Coke Femsa ended up 24 cents at $21.85 and Coke eased 4 cents to $44.08.