Good evening,

Coca-Cola has been rich pickings for dealmakers in the past two years.

Whether it was servicing Australia’s Coca-Cola Amatil, Atlanta’s The Coca-Cola Company or swooper Coca-Cola European Partners, bankers and lawyers have been juiced up on The Real Thing, courtesy of a once-in-a-generation asset reshuffling.

Well, it turns out there’s more. Street Talk’s spotted another Coca-Cola deal, this time in a most unexpected place.

The group’s sitting on coal royalties from some mines in Queensland, which have drawn out tyrekickers in expectation of a sale.

The royalties, estimated to be worth about $100 million, hark back to the 1980s, cattle farming and what is now Glencore’s Rolleston mine. They were a hidden item in Coca-Cola Amatil’s accounts for years, before they were unveiled in a 2020 royalty scuffle between Glencore and the Queensland government.

Anyway, it feels like they’re finally about to trade, as new owner Coca-Cola Europacific Partners cleans up what was CCA’s portfolio.

Elsewhere, there are attempts of a deal brewing at Australia’s second largest aluminium smelter, at Portland in Victoria.

A relative newcomer to the sector and owner of a Dutch smelter, called Aloft, is running around seeking funding to acquire Alcoa of Australia’s 55 per cent stake in Portland.

The talks have been going on for months – and it sounds like Aloft’s not the only party Alcoa has been talking to.

Elsewhere, we got the flyer for Collection House’s fire sale, and picked up on ANZ Banking Group’s aborted attempt at a bond deal.

Happy reading,
Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors