António Sérgio Eusébio, president of Portuguese drinks group Sumolis, has confirmed that it is in talks to buy an 80% stake in rival Compal.

Sumolis, which holds the local PepsiCo franchise and owns brands including Sumol soft drinks and Tagus beer, is in negotiations to buy the stake from Portuguese bank Caixa Geral de Depositos (CGD).

The talks are the latest negotiations between Sumolis and CGD after discussions earlier this year came to no conclusion.

Sumolis already owns the remaining 20% stake in Compal, which operates not only in the fruit juice sector, but also in mineral water with its Frize brand.

CGD paid EUR284m (US$374m) for the 80% shareholding although the bank has refused to disclose how much it wants to sell the stake. Sumolis is looking for financing support to cover the cost of the acquisition.