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COLA WARS OVER THE SOUTH AFRICAN MARKET
Published October 4, 1994
PepsiCo announced plans to invest $5M in a partnership to form a South African bottling venture, New Age Beverages. The partnership will include $15M in investment from a dozen "prominent" African-Americans, including Shaquille O'Neal and actor Danny Glover. South African Egoli Beverages L.P. will hold a 75% stake in New Age, and Pepsi says black South Africans will hold the majority stake by the year 2000. Coca-Cola presently holds 75% of the $1B South African soft drink market. Coca-Cola emphasizes that its own joint bottling venture is not only managed by black South Africans, but 50% owned by black South Africans (Cynthia Mitchell, ATLANTA CONSTITUTION, 10/4).