The proposed mega-venture between Atlanta-based Coca-Cola and Cincinnati-based Procter & Gamble looks like it’s on the back burner, according to the soft drink giant’s latest quarterly filing with the Securities & Exchange Commission.
The deal, originally announced in February, would have created a stand-alone company dedicated to juices and snacks, combining Coca-Cola brands such as Minute Maid, Hi-C, Five-Alive, and Fruitopia, and Procter & Gamble brands such as Sunny Delight and Pringles (PROMO, April). Coca-Cola’s latest filing declares, “Based on continuing discussions with P&G, we anticipate that the nature and terms of any transaction that may result will differ materially from the transaction originally announced in February 2001. Both parties intend to continue working together to complete a mutually beneficial transaction.”
Procter & Gamble said in its own SEC filing that the companies are considering marketing Pringles through Coca-Cola’s bottler and distribution system. Meanwhile, the soft drink giant is said to be eyeing Cambridge, MA-based Nantucket Nectars for acquisition.
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