The Coca-Cola Co. has refused to be drawn on reports that it is looking to buy Brazilian RTD tea producer Matte Leao.

At the weekend, Coca-Cola was linked to an acquisition of Matte Leao, which leads Brazil's RTD tea segment. A report in Brazilian business daily Valor Economico said Coca-Cola had already begun due diligence on Matte Leao with a deal expected to be sealed in a matter of weeks.

However, Coca-Cola declined to comment on the speculation. "Coca-Cola Brasil is always seeking new opportunities in the non-alcoholic beverages market to respond to its consumers' needs. Currently, it has not yet defined any new ventures in the country," a spokesman for Coca-Cola Brasil told just-drinks today (26 February).