US: Coca-Cola Co. shareholder sells up
A major shareholder in The Coca-Cola Company has sold a large part of its stake in the US company.
SunTrust Banks, the second largest shareholder in the company, yesterday (15 May) sold 9% of its Coca-Cola holding. The financial institution now holds just over 2% of the available shares in Coca-Cola, second only to Berkshire Hathaway.
The sale was motivated more by Suntrust's regulatory situation and financial objectives, the company said, and was not a reflection of any desire to distance itself from Coca-Cola.
The move was more an indication of "the pace we believe appropriate in today's challenging environment for banks" Sun Trust said.
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