Coca-Cola looks to sell Costa Coffee

Coca-Cola is seeking to unwind its $5 billion acquisition of British coffeehouse Costa Coffee after a sales process failed earlier this year, Semafor reported on Thursday, citing people familiar with the matter.Here are some more details:Coca-Cola had scrapped its plans to sell Costa earlier this year after the offers from private equity firms came in below expectations, the Financial Times reported in January.Also read: PepsiCo is raising prices on Doritos and more after a weak quarter in AmericaThe beverage giant acquired Costa in 2018 for $5.1 billion in an effort to extend its push into healthier drinks.At least one strategic acquirer mulled what a deal for Costa would look like before passing due to valuation and strategic issues, the Semafor report added.Coca-Cola did not immediately respond to a request for commentIt could not be determined what price Coca-Cola might seek for Costa if it were to put the coffee chain back on the market, the report added.