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Investing.com-- Coca-Cola Co (NYSE:KO) is considering options for its British coffee chain Costa, including a potential sale, a host of reports showed on Saturday and Sunday.
Reuters reported the firm is working with investment bank Lazard (NYSE:LAZ) to review potential options. A weekend report from Sky New said Coca-Cola held initial talks with some potential bidders for Costa, including private equity firms.
Indicative offers are expected by early autumn, but a sale is not definite, the reports said.
The soft drink giant had acquired Costa Coffee in 2018 for over $5 billion, as it sought to strengthen its position in the global coffee market and compete with established majors such as Starbucks (NASDAQ:SBUX).
Costa operates in about 50 countries, but is grappling with pressure on its sales from sticky inflation and picky consumers.
Coca-Cola CEO James Quincey had hinted at changes to Costa during the company’s earnings call in July, stating that the investment in the coffee chain was “not where we wanted it to be.”