NEW YORK (TheStreet) -- Shares of Coca-Cola European Partners (CCE) are plunging 24.71% to $38.81 in mid-morning trading on Tuesday after the merger between three Coca-Cola (KO) bottlers was completed.

The newly formed Coca-Cola European Partners is trading under the ticker for Coca-Cola Enterprises, the Atlanta-based beverage company that merged with Coca-Cola Iberian Partners and Coca-Cola Erfrischungsgetränke GmbH.

The London-based company is now the largest independent bottler for Coca-Cola based on revenue with pro forma 2015 net sales of about 11 billion euros.

The companies agreed to merge in October with Coca-Cola Enterprises shareholders receiving a one-time payment of $14.50 per share. The shareholders of the former domestic bottler now own 48% of the new company.

Coca-Cola Iberian Partners and Coca-Cola, the previous owner of Coca-Cola Erfrischungsgetränke, own 34% and 18%, respectively, of the combined company.

Separately, Coca-Cola Enterprises has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's expanding profit margins, solid stock price performance and notable return on equity.

You can view the full analysis from the report here: CCE

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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