Sector News

Coca-Cola drops pursuit of Chobani -sources

October 15, 2015
Food & Drink

(Reuters) – Coca-Cola Co has ended talks to invest in Chobani LLC after deciding that the maker of Greek yogurt was not the best fit for its portfolio, people familiar with the matter said on Wednesday.

Coca-Cola was competing against PepsiCo Inc to invest in Chobani, a deal that Chobani hopes could value it at as much $3 billion, including debt, Reuters reported on Monday, citing sources.

To be sure, other companies have also expressed interest in Chobani. One of them has been organic foods producer WhiteWave Foods Co, the people said.

The source asked not to be identified because the matter is not public. Coca-Cola and Chobani declined to comment. WhiteWave did not immediately respond to a request for comment.

Chobani is exploring selling a minority stake, including warrants owned by private equity firm TPG Capital LP that account for between 10 percent and 20 percent of the yogurt maker’s equity depending on its financial performance, sources have previously said.

Chobani is looking for a strategic investor to help expand its supply chain, distribution, manufacturing base and geographic footprint for its popular yogurts like Flip, which combine yogurt with flavors such as peanut butter and coffee, the people added.

CNBC first reported earlier on Wednesday that Coca-Cola was no longer actively considering an investment in Chobani. (Reporting by Lauren Hirsch in New York and Greg Roumeliotis; Editing by Christian Plumb)

comments closed

Related News

October 2, 2022

Drinktec 2022: In review

Food & Drink

In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.

October 2, 2022

Alan Jope to step down as Unilever CEO

Food & Drink

Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

October 2, 2022

Lakeland Dairies names Colin Kelly as next group CEO

Food & Drink

Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.