With the Central Bottling Company seemingly out of the picture, the way has been cleared for TCCC to move for the enterprise, according to a report in yesterdays Australian Financial Review, a daily business publication.

Such a move would allow TCCC to take full control of its operations in the country as it looks to turn around difficulties in the market. As a result, the group would join a growing number of companies keen to take greater control of their operations in foreign markets, in order to streamline operations.

If TCCC buys into South Korea, it would reverse a general trend within its foreign production strategy.

Coca-Cola's operations are often split into regional franchises like Coca-Cola Amatil (CCA) in the Australasia region, with which it works under license to produce its branded products.

Coca-Cola's operations in South Korea have been controlled since 1998 by its Australasian franchise Coca-Cola Amatil.

However, CCA last month revealed it was looking to sell its South Korean bottler due to changing demands in the market.

Even if the speculation proves true, turning around its operations in the country could prove a difficult task for TCCC. Last year CCA posted a 10 per cent fall in its South Korean sales to about €40m, as consumers increasingly turn to healthier beverages like green tea, which saw sales double to €36m.