Portuguese soft drinks group Grupo Sumol has denied that it has reached a deal to take full control of local rival Compal.

Grupo Sumol was reacting to local reports yesterday (2 August) that it has struck an agreement with banking giant Caixa Geral de Depositos (CGD) to buy an 80% stake in Compal. Grupo Sumol already holds a 20% stake in Compal, which it bought last year.

The company said it had held talks with CGD about Compal's share structure but had not reached an agreement with the bank about the future of the company.

Grupo Sumol added that it would inform the market about any outcome to the talks in due course.

Grupo Sumol is the parent company behind a number of drinks producers and distributors in Portugal. Its brands include Sumol soft drinks, Serra da Estrela mineral water and Tagus beer.

Officials at Grupo Sumol could not be reached for further comment as just-drinks went to press.