Coca-Cola

(KO) - Get Report

moved toward a buyout of its Philadelphia bottler.

Atlanta-based Coke said it signed agreements with J. Bruce Llewellyn and Brucephil, the parent company of Philadelphia Coca-Cola Bottling, for the potential purchase of the remaining shares of Brucephil not currently owned by Coke. Coke would gain a controlling interest in The Philadelphia Coca-Cola Bottling Company.

"Twenty-three years ago I became a part of the Coca-Cola family, and it has been a privilege to build The Philadelphia Coca-Cola Bottling Company into the successful business it has become," said Llewellyn. "I have now come full circle, and I have asked The Coca-Cola Company to consider stewarding The Philadelphia Coca-Cola Bottling Company into the future."

The potential sale is subject to regulatory approval and certain other terms and conditions. If approved, the transferal of ownership from Brucephil to The Coca-Cola Company is expected to occur no later than early 2009.