Coca-Cola Co. has a tough decision to make in the wake of Anheuser-Busch InBev NV’s planned $104.2 billion takeover of rival brewer SABMiller PLC.

SABMiller is a key Coke bottler in the soda giant’s recent consolidation efforts in Africa. But AB InBev, which would become SABMiller’s parent under the deal the two brewers struck this week, is a key PepsiCo Inc. soda bottler in Latin America.

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