Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

US-China trade war is 'on hold'

Read more

#TECH 24

Is GDPR a good thing for EU tech companies?

Read more

PERSPECTIVE

'The internet is like water, we need to help children understand how to swim'

Read more

THE OBSERVERS

Horse massacres in Iran, fake news turning deadly in India, and Ivory Coast's drought

Read more

THE OBSERVERS

Iran's violent bird poaching, a Yemeni youth orchestra beneath the bombs, and more

Read more

IN THE PRESS

'A totally legitimate election free of fraud': Bolivarian News

Read more

ENCORE!

The Best of the 2018 Cannes Film Festival

Read more

ENCORE!

Cannes 2018: and the Palme d'Or goes to....

Read more

ENCORE!

Cannes 2018: Lebanese film 'Capharnaum' wows critics

Read more

Business

Coca-Cola takes majority stake in ethically-minded Innocent Drinks

Text by News Wires

Latest update : 2010-04-10

Coca-Cola has taken a majority stake in fast-expanding and ethically-minded British smoothie maker Innocent Drinks. Innocent's three founders will keep running the firm.

AFP - US soft drinks giant Coca-Cola has taken a majority stake in fast-expanding British smoothie maker Innocent Drinks, but its founders said Friday that operational control will stay in their hands.

Coca-Cola increased its stake in Innocent to 58 percent, one year after taking an inital 18 percent share. Financial details of the latest deal were not revealed.

In a statement, Innocent's three co-founders said they will continue to run their ethically-minded company -- which donates 10 percent of its profits to charity -- despite their reduced holdings.

"We've agreed for Coke to buy some more shares in Innocent, principally those of Innocent's original investor Maurice Pinto," they said.

"Maurice is now 76 and wants to retire, so this is the opportunity for him to realise the value he's helped create. We're really happy for him."

They continued: "As for us, we're selling a minority of our shares, but keeping the majority of them, and we will continue to lead the business, with no change or loss of control -- the deal gives no new rights to Coke."

Richard Reed left a career in advertising to set up Innocent with Adam Balon and Jon Wright in 1998. They sold their first drinks at a small music festival in London after spending six months trying out recipes on friends.

The past year has seen Innocent expand its business in Europe.

Date created : 2010-04-10

COMMENT(S)