SPY391.79+4.29 1.11%
DIA319.67+4.28 1.36%
IXIC13,574.89+109.69 0.81%

Market Chatter: Coca-Cola Reportedly to Sell Stake in South African Bottling Unit in $669 Million Deal

· 02/05/2021 10:23

03:21 PM EST, 02/05/2021 (MT Newswires) -- US beverage giant Coca-Cola (KO) is seeking to sell a stake in its South African bottling unit to investors in a deal valued at 10 billion rand ($669 million), Bloomberg reported Friday, citing unidentified sources.

The move would help Coca-Cola meet South Africa's policies that prescribe minimum holdings in firms for groups, including Blacks, that faced economic discrimination under apartheid, the business news service reported, citing those sources.

The deal was a condition of Coca-Cola's acquisition five years ago of former partner SABMiller, now part of brewer Anheuser-Busch (BUD), Bloomberg reported, citing the sources.

Shares of Coca-Cola (KO) were up 1% in recent late-day trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 49.60, Change: +0.60, Percent Change: +1.21