Coca-Cola European Partners' $9.3 billion offer for Coca-Cola Amatil took shareholders by surprise but given the bottler's underperformance over the past decade it was only a matter of time before Australia's largest non-alcoholic beverage bottler was consumed by another Coke bottler.

Atlanta-based The Coca-Cola Co acquired a majority stake in Coca-Cola Amatil in 1989 and as its major shareholder, major supplier and franchisor, it has been arguably calling the shots ever since, despite the company's efforts to maintain the appearance of independence.