Coca-Cola Enterprises Inc CCE 1.62% shares are down 24.2 percent following the completion of a merger between three The Coca-Cola Co KO 0.73% bottlers.

The newly-formed Coca-Cola European Partners is a combination of Coca-Cola Enterprises, Coca-Cola Iberian Partners and Coca Cola Erfrischungsgetranke GmbH.

The new company will be based in London and will be the largest independent Coca-Cola bottler. Coca-Cola Enterprises shareholders received a one-time payment of $14.50 per share, which accounts for the majority of the stock’s $12.57 per share Tuesday drop.

At its new price and configuration, Goldman Sachs analyst Judy Hong sees the stock as a Buy.

“Our Buy thesis is predicated on (1) sizable margin improvement from highly visible cost synergies; (2) double-digit EPS growth outlook over the next three years driven by margin gains and de-leveraging; and (3) potential for a positive multiple re-rating (currently at 15x NTM P/E) as EPS growth accelerates and FCF steps up,” she wrote.

Earlier this month, The Coca-Cola Co gained…

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