Striking workers had until today to reach a deal with managers on the company's plan to close four factories, which labour unions say threatens nearly 1,200 jobs.
The company said many workers had accepted its offer of early retirement, relocation or voluntary redundancy for 1,190 employees at the plants.
"We are extremely surprised that, after the support shown for the company's offer by most of the workers consulted, the union representatives rejected the conditions," said Angel Lopez de Ocariz, communications director for Coca Cola's subsidiary Iberian Partners, in a statement.
"Iberian Partners will decide, within the legally established deadline of two weeks, in what form the redundancy plan will be applied," the statement added.
Unions ahead of today's deadline rejected the offer since it would not save the plants, where workers have been on strike all month.
They said they would bring legal action when the company pushes on with the plan.
"Coca-Cola is not 'the Real Thing' for Spanish society," Ramon Gorriz, one of the leaders of the CCOO labour union, told a news conference on Thursday.
"It is an exploitative multinational which is only after profits."
CCOO blamed the dispute on the Spanish government's 2012 labour reform, which made it easier to hire and fire workers. The government said that was necessary to strengthen the economy.
A double recession over the past five years has pushed Spain's unemployment rate up to 26 percent.
"At 45 years old and with the job market in Spain the way it is, it will be difficult for me to find another job," said one of the striking workers, Johnny Garcia, demonstrating in Madrid yesterday.


Latest News  from Business News Desk