BTIG Analyst Says Coca-Cola Rumor is Not Legitimate

Speaking exclusively to Benzinga, BTIG analyst Theo Brito said the Forbes article that sparked the rumor of a possible private takeover of Coca-Cola

by 3G Capital was citing an article published in the Brazilian Veja magazine last week. After reading through that article, Brito highlighted the discussion as merely speculation on the idea of 3G Capital making a takeover bid for Coca-Cola, saying the story sounded more like the journalist was just throwing out ideas. “It didn't seem to me like the Brazilian journalist who wrote the article had any specific knowledge or insight,” Brito said. While it's true 3G Capital has been raising funds, Brito said the Brazilian journalist “took the liberty” of saying this could turn into a similar situation as the takeover of H. J. Heinz Company. The original Brazilian article includes a table of other companies in the food and beverage sector as possible targets, including PepsiCo, Inc.

, General Mills, Inc.

and Mondelez International Inc

. “It was just a little weird that Coke stock was rallying yesterday supposedly on that article that had just been picked up, but was actually written a week before,” he said. He doesn't think there is any legitimacy to the rumor and said the related chatter is strictly noise.