Coca-Cola was losing the Philippines, where failure might have been the beginning of the end of our global business. By 1981, the nation was the world’s 10th-largest soft-drink market, but Pepsi had a 2-to-1 market share and the Coke bottler, owned by the Soriano family’s San Miguel Corp., warned that it could no longer sustain its losses unless Coke shared the burden.
I was the first non-German since 1933 to head Coca-Cola in stoic, sophisticated West Germany, which was then vying with Japan to be the company’s largest international division. As division president of Central Europe, I also had Switzerland and Austria under my auspices. But Germany was the focus.
Synovus Financial Corp. settled a shareholder lawsuit over more than $200 million in bad loans to Georgia luxury resort Sea Island Co. that the investors say were approved with a “golf course handshake” between executives of the two companies.
A Georgia judge granted a preliminary injunction in response to a request by three Georgia doctors seeking an order blocking enforcement of laws limiting availability of midterm abortions to emergencies and instances where a pregnancy has been deemed “medically futile.”
Fibria Celulose SA, the world’s largest pulp producer, agreed to pay shareholders $37.5 million to settle a lawsuit brought by a Florida municipal pension fund over $2.13 billion of currency-derivative losses in 2008, according to a court filing.