US: Warren Buffett denies plan to take Coca-Cola Co private - reports
Warren Buffett has around 9% of Coca-Cola's ordinary shares
Warren Buffett has denied speculation that he is seeking to take The Coca-Cola Co private, according to reports.
The billionaire investor, whose Berskshire Hathaway is the soft drinks group's biggest shareholder, told CNBC yesterday (17 June) that there is “absolutely no chance” of him attempting a buy-out. His comments came after money manager David Winters, who has 2.5m Coca-Cola shares, wrote to the company's board this week saying that, based on media reports, he is concerned Buffett is working on a takeover of Coca-Cola with 3G Capital.
Earlier this year, Winters led a campaign against Coca-Cola's executive pay plan, arguing it was an “outrageous grab” by the firms' management. Buffett also admitted the pay plan was “excessive” and abstained from a vote on the proposal.
In his letter this week, Winters reportedly wrote: “We are concerned that a similar type of sweetheart, insider deal for Coca-Cola could, in our opinion, significantly undervalue Coca-Cola and irreparably harm Coca-Cola shareholders.”
Coca-Cola did not immediately respond to a request for comment.
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