Coca-Cola CEO'We try to be more than a soda company
31 August, 2018, 17:57
"Hot beverages is one of the few remaining segments of the total beverage landscape where Coca-Cola does not have a global brand", said James Quincey, Coca-Cola President & CEO. According to reports, the deal will be finalised in the first half of 2019. Earlier this month, PepsiCo Inc. agreed to pay $3.2 billion for SodaStream Ltd., which makes carbonated-water dispensers.
Coca-Cola is hoping for a caffeine-fueled boost with the acquisition of British coffee chain Costa.
Since being bought by Whitbread in 1995 for just £19m Costa has grown to become the UK's largest coffee chain and the second largest internationally behind Starbucks, with 2,400 outlets and a further 1,400 scattered around the world in 31 foreign markets.
Shares of Whitbread jumped by 696p, or 17.3 per cent, to £47.16 after the market opened. Costa is Britain's biggest coffee company with over 2,400 coffee shops in the United Kingdom and another 1,400 in more than 30 countries. "Costa has strengths in many countries and in many key distribution channels of the coffee business".
Adding Costa to its array of brands will give Coca-Cola a presence in one of the few beverage markets it now doesn't contend in and could potentially provide stiff competition to the likes of Starbuck's.
The leisure group, which owns the Premier Inn hotel business, had been under pressure from shareholders to demerge and list the coffee chain as a separate company.
"It's been a very fast transaction", she said. Then some activist investors came along and a demerger - albeit with a two-year timeline - was a goer. At the time, it had 39 shops. The company will return most of the proceeds to its shareholders, it said. The Swiss food company also paid $7.2 billion to form an alliance with Starbucks that sells products in grocery stores. JAB, the Luxembourg-based holding company that owns brands like Krispy Kreme and Peet's Coffee, bought United Kingdom sandwich and coffee chain Pret A Manger in May.
Coke sells coffee under the Georgia brand in Japan, and has some other local products for specific markets.
Another of JAB's coffee brands, Keurig, merged its business with one of Coca-Cola's domestic competitors - Dr Pepper Snapple - in January.
Rothschild advised Coke on the deal while Goldman Sachs, Morgan Stanley and Deutsche Bank advised Whitbread.
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