Coca-Cola Co., Atlanta, has ended talks to invest in Chobani LLC after deciding that the Greek yogurt manufacturer wasn't a fit for its portfolio, people familiar with the matter said October 14, according to a report from cnbc.com.
Coca-Cola and PepsiCo Inc., Purchase, N.Y. both competed to invest in Chobani, a deal Chobani says could be valued at as much $3 billion, including debt, sources report. Other companies have also expressed interest in Norwich, N.Y.-based Chobani, CNBC notes.
The yogurt maker is seeking 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.
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