(Reuters) – Coca-Cola has bought a 40 percent stake in Nigerian juice and snack producer Chi Ltd, it said on Saturday, as it continues to expand in Africa to tap a young and fast-growing population.
The U.S. drinks giant bought the stake from unlisted TGI Group, the two companies said in a joint statement, but did not disclose the value of the sale.
Coca-Cola “intends to increase ownership within three years, subject to regulatory approvals while working on other long-term commercial structures”, the statement said.
It already has a significant presence in Nigeria selling its fizzy drinks.
One industry source said Coca-Cola was paying a “triple-digit-million-dollar” amount for the stake. Sources told Reuters last year Chi was valued at as much as $1 billion.
Lagos-based Chi Ltd, whose owners had been considering a sale for some time, produces mostly fruit drinks, iced teas, snacks and dairy products. TGI is owned by a European family, according to industry sources.
“The parties have agreed to jointly discuss and explore other opportunities in the region to further develop this relationship,” the statement said, without elaborating.
The investment comes as Nigeria faces one of its worst economic crises for decades as a slump in oil prices has eroded public finances, hammered its currency and hit consumer sentiment.
In August 2014, Coca-Cola said it would invest $5 billion with African bottling partners in new manufacturing lines and equipment, as well as safe water access programmes, over six years.
(Reporting by Ulf Laessing; Editing by Louise Ireland and Susan Fenton)
In the wake of George Floyd’s murder, corporate interest in DEI is higher than ever. But has this increased attention racial justice and inequity led to real, meaningful change? The authors conducted interviews with more than 40 CDOs before and after summer 2020 and identified four major shifts in how these leaders perceived their companies’ engagement with DEI.
Mid-career women are often surprised by the levels of bias and discrimination they encounter in the workplace, especially if they’ve successfully avoided it earlier in their careers. After speaking to 100 senior women executives, the authors identified three distinct kinds of bias and discrimination faced by mid-career women. They describe each bias and conclude with recommendations for overcoming them.
Bain research shows that men and women have consistent motivations when it comes to work, across factors like financial orientation and camaraderie. They also have similar attitudes on inclusion, with fewer than 30% feeling included in the workplace. Despite a lack of intrinsic differences, women and men continue to have different outcomes and experiences at work, due to meaningful imbalances in occupation choice, prioritization of flexibility, and the perpetuation of biases.