Coca-Cola buys stake in Chi

The Coca-Cola Company has bought a 40-percent stake in Nigerian juice and dairy firm Chi Ltd from unlisted European firm TGI Group, both companies said in a statement on Saturday.

Coca-Cola “intends to increase ownership within three years, subject to regulatory approvals”, the statement said.

It gave no valuation for the deal but an industry source said Coca-Cola was paying a “triple-digit-million-dollar” amount for the 40-percent stake, reports Reuters