MANILA - The Coca-Cola Company on Friday said its Bottling Investments Group (BIG) was planning to take over the bottling operations in the Philippines after its franchise bottler Coca-Cola FEMSA agreed to sell back 51 percent of its shares to the company.

Its franchise bottler Coca-Cola FEMSA announced that its board "has voted to exercise an option to sell back" 51 percent stakes to the Coca-Cola Company, the maker of Coke said in a statement.

“We respect Coca-Cola FEMSA’s decision, and we appreciate the progress made during their five-year tenure in the Philippines,” said John Murphy, president of the Asia Pacific Group for the Coca-Cola Company.

“The market is better positioned than ever before for future success, and we are confident about the potential ahead," he said.

The deal is subject to regulatory approval, the Coca-Cola Company said.

Coca-Cola FEMSA announced in February that it was laying off an undisclosed number of employees after an assessment of its organizational structure.

• Coca-Cola bottler lays off workers, cites 'regulatory environment'