Coca-Cola FEMSA Mexico is the world's biggest Coke bottler. In a statement said on Friday, the company announced an agreement to acquire its Brazilian peer. The said agreement stated acquisition of Companhia Fluminense for US$448 million cash. This would make Coca-Cola FEMSA have 100% ownership in the company.

The Monterrey based firm was formed through a joint venture of Coca-Cola Co and Femsa, a Mexican firm. The company filed the deal with regulators and is still subjected for approval by Brazil's antitrust authority, Conselho Administrative de Defesa Economica.

The Mexican based firm also said that it would seek Coca-Cola's approval for the said deal.

Coke Femsa and Companhia Fluminense manufacture and distribute Coca-Cola drinks in 141 cities in Mexico. These cities are in the states of Sao Paulo, Rio de Janeiro and Minas Gerais. The company estimated pro forma consolidated EBITDA in the fiscal year ending in March to be at US$40 million.