Coca-Cola pulls out of talks to acquire stake in Chobani: Reports

14-Oct-2015 - Last updated on 16-Oct-2015 at 14:30 GMT

The Coca-Cola Company has reportedly pulled out of talks to acquire a stake in US Greek yogurt giant, Chobani.

CNBC, citing a source close to the matter, reported yesterday that Coca-Cola has withdrawn from talks regarding Chobani.

Reuters reported that the US soda giant determined Chobani was not the best fit for its portfolio.

Approached earlier today about its reported withdrawal of interest, Coca-Cola declined to comment.

"We do not comment on speculation or rumor," a spokesperson told DairyReporter.

Reports emerged earlier this week that Coca-Cola and PepsiCo were among several firms competing for a stake in Chobani, America's largest Greek yogurt brand.

PepsiCo, which entered the US dairy category in 2012 through a yogurt joint venture with German dairy Müller, declined to comment on the reports when approached this week.

Coca-Cola, which owns US milk brand Fairlife, also declined to comment.

According to the reports, Chobani is exploring the sale of a minority stake, including warrants owned by private equity firm, TPG Capital, that accounts for between 10% and 20% of its equity depending on financial performance. 

Chobani is reportedly looking for an investor to help expand its supply chain, distribution, manufacturing base and geographic footprint.