Chobani Rejects Approach From PepsiCo
08 Feb 2016 --- Chobani, the Greek-yogurt maker, has rebuffed an approach from the food & drinks giant PepsiCo and other investors to take a stake in the company.
The US yogurt-maker has been working with Goldman Sachs exploring selling off a stake since being approached by interested parties in 2015.
According to a Bloomberg report, the deal between PepsiCo, whose brands include Pepsi and Quaker, and Chobani broke down as PepsiCo wanted to buy a majority stake, while Chobani only wanted to sell off a minority stake.
Chobani also said it had been approached by other investors.
Coca-Cola, a major rival to PepsiCo, had also been in talks with Chobani but ended them a few months ago, saying Chobani was not a good fit for it.
WhiteWave Foods, the organic foods maker, has also been interested in acquiring a stake in Chobani.
The yogurt-maker, founded by the billionaire Hamdi Ulukaya in 2005, said that its independence remained paramount as it moved forward.
Chobani began working with Goldman Sachs as it looked to improve the fortunes of its yogurt plant in Idaho, where its sales grew fast but then tailed off in 2013.
PepsiCo is looking to establish itself in the yogurt sector. It axed a previous move into the yogurt business last year when it closed a New York yogurt plant joint venture with yogurt specialist Yogurt.
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