U.S. Markets open in 1 hr 47 mins

Coca-Cola Enterprises to increase expected return of cash to shareholders

CCE (CCE) said the right to acquire the German bottling business from The Coca-Cola Company (KO) will expire on May 25. As a result, CCE will increase expected return of cash to shareowners in 2013. "We have worked with The Coca-Cola Company to evaluate a potential purchase of the German bottling operation and have mutually agreed not to move forward with a transaction at this time,” the company said. As previously announced, CCE began a new $1.5 billion share repurchase program in January 2013, and the company now expects to repurchase approximately $1 billion of its shares by the end of 2013. These plans may be adjusted depending on economic, operating, or other factors, including acquisition opportunities.