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Coca-Cola is set to take full control of sports drink company BodyArmor for $5.6bn, according to a story in The Wall Street Journal yesterday.
Citing people familiar with the transaction, the paper said the deal valued the sports drinks brand at about $8bn.
Coke already owns 30% of Body Armour following an earlier agreement in 2018, with the soft drinks giant having until the end of this year to buy the remaining 70% from BodyArmor’s founders.
The original deal gave BodyArmor, which is a rival to PepsiCo’s Gatorade sports drink, acess to Coke’s bottling system to help accelerate “explosive” growth.
The Bodyarmor brand includes Bodyarmor Sports Drink, Bodyarmor Lyte Sports Drink and Bodyarmor SportWater.
The acquisition of the remaining stake is expected to be announced this week.
Morning update
The FTSE 100 has started the week positively, rising 0.5% to 7,271.20pts.
Early risers include Fever-Tree, up 5.9% to 2,403.1p, THG, up 2.7% to 222.4p, Parsley Box Group, up 2.6% to 56.9p, and SSP Group, up 2.3% to 263.5p.
Naked Wines, Nichols and Virgin Wines UK were among the fallers so far, down 3.7% to 714.5p, 2% to 1,151p and 1.8% to 189p respectively.
This week in the City
The news will be dominated by the Climate Change Summit taking place in Glasgow this week, but the big news for the grocery sector is the Sainsbury’s interims on Thursday.
Elsewhere, tomorrow brings quarterly updates from HelloFresh and Mondelez.
Drinks bottler Coca-Cola HBC will update the market on its latest performance on Wednesday.
On Thursday afternoon, over in the US, Kellogg posts its latest quarterly figures.
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