November 17, 2016 / 8:44 AM / 3 years ago

Swire Pacific in talks to buy Coca-Cola bottling assets in China: Bloomberg

The logo of U.S. beverage group Coca-Cola is seen at the entrance of a visitors center of Coca-Cola Schweiz GmbH in Bruettisellen, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann

(Reuters) - Hong Kong conglomerate Swire Pacific Ltd (0019.HK) is in talks to buy Coca-Cola Co’s (KO.N) bottling assets in China from Cofco Corp’s [CNCOF.UL] China Foods Ltd (0506.HK) unit, Bloomberg reported.

A potential deal could value the business at about $1 billion and the companies could announce a deal as soon as this week, Bloomberg said, citing people familiar with the matter.

China Foods said in August it was considering a potential disposal of its stakes in companies engaging in Coca-Cola bottling operations by the way of a public sale.

Swire Beverages is one of the largest soft drink bottlers for Coca-Cola Co in the world, and works closely with the U.S. firm on brand development and marketing.

Swire Pacific, China Foods and Coca-Cola China were not immediately available for comment.

Reporting by Gaurika Juneja in Bengaluru; Editing by Gopakumar Warrier

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