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Unable to transfer control to the other, Atlanta-based Coca-Cola Co. and Procter & Gamble Co. are talking about scrapping their much-promoted juice-and-snack joint venture, P&G said today.
According to a Reuters report, the companies are now negotiating a new deal in which the beverage and snack giants would retain control of their brands. "The parties are presently discussing an opportunity to distribute Pringles through [Coke's] bottler and distribution system and a new venture focused on the commercialization of healthy beverage technologies and products," P&G said in a filing with the Securities and Exchange Commission.
The companies announced a plan in February for a joint venture that would have sold P&G's Pringles chips and Sunny Delight juice drink, as well as Coca-Cola's Minute Maid juices, Hi-C, Five-alive and Fruitopia drinks. Those brands would now remain with the individual companies, P&G said.