ck, page-26

"why would ccl fork over $1bn to KO for it?"

They were clearly dudded.
I said, CCL were c*rap back then. Thats why I never touched them before.

Now, if you take out Korea with an EBIT margin of 2%, and you are left with businesses like Australias which has an EBIT margin of 25%, then the overall performance improves.

Particularly if they get some decent cash out of selling and do something usefel with it, like a capital return, or share buyback, or reduce debt, or invest in other higher margin businesses.

The same as what you and I would do if we were running the business.