Operational Excellence (OPEX) Daily Briefing – Tuesday, December 16, 2025: Coca-Cola In Last-Ditch Talks To Salvage Costa Coffee Sale.

Điểm Tin Operational Excellence (OPEX) Mỗi Ngày – Thứ Ba, Ngày 16/12/2025: Coca-Cola Chạy Đua Thời Gian Để Cứu Thương Vụ Bán Costa Coffee.

Welcome to my unique weekday article for the paid subscriber-only edition.

Operational Excellence (OPEX) Daily Briefing – issued on weekdays (Monday to Friday).

Điểm tin Operational Excellence (OPEX) hằng ngày (phát hành các ngày thứ Hai đến thứ Sáu).

This is the bilingual post in English and Vietnamese. Vietnamese is below.

Đây là bài viết song ngữ Anh-Việt. Tiếng Việt ở bên dưới.

English

PART 1 – OFFICIAL INFORMATION

In mid-December 2025, Reuters reported that Coca-Cola is conducting urgent, late-stage negotiations in an effort to salvage the sale of the Costa Coffee chain, as disagreements over valuation threaten to derail the deal. This development has become one of the most notable events in the global beverage and retail M&A market in recent days.

According to sources close to the negotiations, Coca-Cola and the potential buyer have not yet reached agreement on the final price, despite having moved very close to a deal. The valuation gap is believed to stem from changing market conditions, higher cost of capital, and a more cautious growth outlook for the global coffee chain sector. These factors have forced Coca-Cola to reassess the transaction terms while accelerating negotiations to avoid the deal being delayed or abandoned.

Costa Coffee, the UK-based coffee chain, was acquired by Coca-Cola in 2019 as part of the company’s strategy to diversify beyond its traditional soft drinks business. However, in recent years, Coca-Cola has continuously restructured its investment portfolio, placing greater emphasis on higher-margin businesses and segments with stronger global scalability. The consideration of selling Costa Coffee fits within this broader trend, as the group seeks to optimize capital allocation, reduce operational complexity, and improve investment efficiency.

Reuters noted that the current negotiations are at a sensitive stage, with the final outcome potentially being decided within a very short time frame. Nevertheless, no official announcement has been made by Coca-Cola confirming whether the transaction has been completed or terminated. Sources emphasized that there is no guarantee the deal will succeed, and Coca-Cola may still choose to retain ownership of Costa Coffee if it fails to secure a price it considers acceptable.

This situation reflects the broader landscape of the global M&A market in 2025, where many large transactions have encountered difficulties due to valuation gaps between buyers and sellers, unlike the low-interest-rate environment of previous years. In a context of higher capital costs, investors have become more cautious toward consumer retail assets characterized by moderate growth rates and high operating costs, including large-scale coffee chains.

For Coca-Cola, the Costa Coffee transaction carries significant strategic importance. A successful sale could allow the company to unlock substantial capital and reallocate resources toward core businesses such as non-alcoholic beverages, sugar-free products, and new growth categories. Conversely, if the deal fails to materialize, Coca-Cola would need to continue bearing the operational responsibilities and investment requirements associated with Costa Coffee, at a time when the food and beverage retail sector is under pressure from rising costs and shifting consumer behavior.

Reuters also pointed out that Coca-Cola is not an isolated case. Many other large beverage and consumer goods groups are reassessing their asset portfolios, seeking to divest businesses that no longer align with their long-term strategies, while financial investors are demanding stricter valuation discipline.

As of now, Coca-Cola has declined to comment in detail on the progress of the negotiations, and other involved parties have likewise refrained from making public statements. The market is closely monitoring subsequent developments, as the outcome of the Costa Coffee deal could serve as an important indicator for M&A trends in the global beverage and retail industries in 2026.