报价腰斩仍无人接盘！可口可乐放弃出售Costa咖啡，中期或将重启拍卖？

Group 1 - Coca-Cola has abandoned the sale of Costa Coffee due to private equity bids falling short of expectations, concluding the auction process that lasted several months [1] - The sale target price set by Coca-Cola for Costa was approximately £2 billion, which is about half of the £3.9 billion acquisition price from Whitbread Group in 2018 [1] - The remaining bidders in the later stages included TDR Capital, the parent company of Asda, and Bain Capital's special situations fund, while Apollo, KKR, and Hillhouse Capital participated in the early bidding process [1] Group 2 - During Coca-Cola's ownership, Costa faced competition from high-end independent coffee shops and budget coffee operators like Greggs [2] - In 2024, Costa reported revenues of £1.2 billion, with operating losses widening to £13.5 million, attributed to low foot traffic in commercial areas and intensified competition [2] - The coffee industry in the UK is also facing pressures from rising coffee bean prices and increasing labor costs, with a national insurance contribution increase effective in April 2025 further burdening businesses [2] - Costa recorded a £48.6 million impairment loss related to its operations in China due to lower-than-expected demand in Shanghai, and an additional £51 million impairment for its Costa Express self-service coffee machine business [2] - The termination of the sale coincides with a leadership transition at Coca-Cola, as COO Henrique Braun is set to replace James Quincey as CEO in March 2026, with Quincey becoming executive chairman [2] - Quincey acknowledged in July 2025 that Costa had not delivered the expected value for Coca-Cola, and there are indications that Coca-Cola may consider restarting the sale of Costa in the medium term [2]