Coca-Cola (KO) is once again exploring a sale of Costa Coffee, according to Semafor, citing sources

A disposal of Costa would close out one of the more scrutinised acquisitions in the sector, bought at what was widely seen as a full price and having since sat awkwardly against a concentrate-led, asset-light model. Reports that a sale has been explored more than once fit a familiar pattern in which a strategic buyer quietly tests appetite, often after underperformance relative to the acquisition case, and where the gap between the buyer's valuation and the acquirer's sunk cost has historically been the sticking point. The natural bidders in such processes have tended to be private equity or operators able to run a physical retail and franchise estate, and any exit at a level below the original purchase price would crystallise an impairment, a balance-sheet optics question more than an earnings one given the unit's limited contribution. The sourcing via a single outlet citing unnamed parties leaves this at the exploratory stage, where past processes of this kind have as often stalled as concluded. Tells worth monitoring are confirmation from the company, engagement of bankers, and any commentary on capital deployment priorities at the next earnings event.