Coca-Cola European Partners (CCEP) PLC is now offering A$13.5 per share, a hike from A$12.75 a share it offered in October. The Australian bottler said it backs the new final offer, which would be Australia’s biggest deal this year.

“The economic outlook for Australia and New Zealand has improved since the announcement of the original CCEP proposal and recent trading validates our strategy and demonstrates our strong recovery,” Amatil Chairwoman Ilana Atlas said.

In January, Amatil said demand in Australia and New Zealand over the fourth quarter was strong, demonstrating Australia’s success in containing the pandemic and the improving economic outlook.

Coca-Cola Co owns 31% of the Australian company and 19% of London-listed CCEP___reuters