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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 20, 1998
COCA COLA ENTERPRISES INC.
(Exact name of registrant as specified in its charter)
Delaware 1-9300 58-0503352
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
2500 Windy Ridge Parkway, Atlanta, Georgia 30339
(Address of principal executive offices, including zip code)
(770) 989-3000
(Registrant's telephone number, including area code)
Page 1 of 6 pages
Exhibit Index page 4
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Item 5. Other Events
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On January 20, 1998, Coca-Cola Enterprises Inc. (the "Company")
issued a press release announcing the Company's intent to start
repurchasing shares under the previously authorized share
repurchase program.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
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99 Press Release of Coca-Cola Enterprises Inc.
issued January 20, 1998.
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
COCA COLA ENTERPRISES INC.
(Registrant)
/S/ LOWRY F. KLINE
Date: January 21, 1998 By:--------------------------------
Lowry F. Kline
Executive Vice President and
General Counsel
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COCA COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
- ----------- ----
99 Press Release of Coca-Cola Enterprises Inc. 5
issued January 20, 1998.
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EXHIBIT 99
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CONTACT: Laura Asman - Media Relations
(770) 989-3023
Margaret Carton - Institutional-Investor Relations
(770) 989-3622
Helene Krupp - Share-Owner Relations
(770) 989-3796
FOR IMMEDIATE RELEASE
- ----------------------
COCA-COLA ENTERPRISES INC. RESTARTS
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SHARE REPURCHASE PROGRAM
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ATLANTA, January 20, 1998 -- Coca-Cola Enterprises today announced that
the Company will restart share repurchase activity in the first quarter of
1998 under the 30 million share (split adjusted) repurchase program
authorized by the Board of Directors on April 11, 1996. No shares were
repurchased under this program in 1996 or 1997 due to the Company's
significant acquisition activity.
The Company has implemented a management stock buy-back program which
allows the Company to purchase shares through the repurchase program. The
management stock buy-back program is designed to facilitate tax planning,
estate planning, and personal asset management, considering the significant
increase in the Coca-Cola Enterprises stock price over the last few years.
During the 10-business day period beginning January 23, 1998, following the
full-year 1997 earnings news release, certain management employees can sell
up to 15 percent of their current holdings to the Company through this plan.
The sale price will be the average of the daily New York Stock Exchange
composite closing price between January 28 and February 3, 1998.
Coca-Cola Enterprises may also use the share repurchase program to
repurchase shares in open market and in privately negotiated transactions
based on prevailing market conditions. Repurchased shares will be available
for general corporate purposes including financing acquisitions and
funding various employee benefits and compensation plans.
The Company anticipates that approximately 1.3 million shares will be
repurchased under the management stock buy-back program in the current
10-business day period. The Company expects to offer the management stock
buy-back program from time to time in the future. The Company maintains
stock ownership guidelines for all employees included in this management
stock buy-back program.
Certain management employees not wishing to sell shares, but wishing to
use their existing stock value to facilitate tax planning, estate planning,
and personal asset management, may instead use equity collar programs
offered by investment banks and financial services companies. For the
Company's executive management subject to Section 16b reporting, transactions
under these programs will be reported on Forms 4 filed with the Securities
Exchange Commission the month after they take place. However, the execution
of the initial transaction does not involve the actual sale of the
underlying shares. In the current 10-business day period, management
anticipates that approximately 650,000 shares will be included in equity
collar programs.
Coca-Cola Enterprises Inc. (NYSE: CCE) is the world's largest marketer,
distributor, and producer of bottled and canned liquid nonalcoholic
refreshment. Coca-Cola Enterprises sells more than 65 percent of The
Coca-Cola Company's bottle and can volume in North America and is the
sole licensed bottler for products of The Coca-Cola Company in Belgium,
Great Britain, the Netherlands, and most of France. Coca-Cola Enterprises
also has a pending transaction to acquire the Coca-Cola bottling operations
in Luxembourg.
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