The sales of the business, purchased in 1998 for €367 million comes as growth is slowing as consumers switch to healthier, low-sugar drinks.

Last year CCA posted a 10 per cent fall in its South Korean sales to about €40m, while sale green tea doubled to €36m in the same period.

The withdrawal of private equity fund MBK Partners and Woongjin Capital, an affiliate of South Korea's Woongjin Foods, over a price dispute, leaves SPC Group and LG Household and Health Care to compete for ownership of the business, valued at €442m.

SPC Group made its final bid on Wednesday, while LG Household and Health Care submitted its final offer on Tuesday.

"The Coca-Cola Amatil board will be meeting in the last week of June and will review the progress of the sale process," a CCA spokeswoman said.

CCA would not comment on the remaining bids, but stated earlier in the year that its "line in the sand" was achieving close to its net book valuation.

Analysts' expectations are that the business will fetch in about €315m.

The three plants operating in South Korea employ 2,547 people and produce over 100 million cases of carbonates soft drinks, juice, water and sports beverages each year.

The most popular brands include Cola-cola, Coca-cola Light, Fanta and Kin Cider.