可口可乐考虑出售Costa咖啡：一场39亿英镑收购的反思与转向

Core Insights - Coca-Cola's acquisition of Costa Coffee in 2018 for £3.9 billion (approximately $5.3 billion) was aimed at reducing reliance on sugary soft drinks, but the company is now considering selling Costa for an estimated £2-2.5 billion, indicating a potential loss of billions [1][7] Group 1: Acquisition and Initial Expectations - The acquisition was intended to provide Coca-Cola with new capabilities and expertise in the coffee sector, allowing it to penetrate the hot beverage market [2] - Costa Coffee, founded in 1971, expanded rapidly under Whitbread, reaching nearly 4,000 stores globally by the time of acquisition [2] - Despite initial growth, Costa's performance has not met expectations, with 2023 revenues at £1.22 billion, a 9% increase from 2022 but below the £1.3 billion in 2018 [2][3] Group 2: Current Challenges and Market Environment - Costa Coffee faces a challenging market environment, including inflation, supply chain disruptions, and changing consumer habits, with global coffee demand projected to decline by 0.5% by 2025 [4] - The UK market, Costa's primary market, is experiencing economic pressures, prompting a restructuring plan to address management costs and invest in growth [4] - Competitors in the UK include Starbucks, Caffe Nero, and Pret a Manger, along with increasing competition from premium chains [4] Group 3: Future Prospects and Potential Sale - Coca-Cola is in preliminary talks with potential buyers, including private equity firms, with indicative bids expected in early autumn [7] - Analysts estimate the sale price for Costa could be around £2 billion (approximately 19.3 billion RMB), representing only 51%-64% of the original acquisition price [7] - If the sale proceeds, it would mark another significant strategic shift for Coca-Cola, which previously exited the coffee market in the 1980s before re-entering with the Costa acquisition [7][8]