Italy's Lavazza has trimmed its stake in U.S.-based coffee group Keurig Green Mountain and plans to cut it further by at least another 2.8 percent as it raises cash for acquisitions, the coffee maker said in a U.S. regulatory filing. Lavazza, the world's seventh-largest coffee maker, has submitted a binding offer of more than 600 million euros ($677 million) for two French coffee brands, sources told Reuters earlier this month.The Turin-based group last week cashed in $50 million from the sale of 0.23 percent of Keurig, according to Reuters calculations based on a Jan. 26 document filed with the U.S. Security and Exchange Commission.Lavazza said in the document it expected to further cut its 7.8 percent Keurig holding to no more than 5 percent.Lavazza is bidding for L'Or and Grand Mere, two coffee brands put up for sale to ease a merger of Illinois-based Mondelez International's coffee business with Dutch rival D.E. Master Blenders 1753.
Keurig Green Mountain, Inc. is a specialty coffee and coffeemaker businesses in the United States and Canada. Shares of GMCR traded higher by 0.43% or $0.56/share to $131.64. In the past year, the shares have traded as low as $74.44 and as high as $158.87. On average, 1692120 shares of GMCR exchange hands on a given day and today's volume is recorded at 2254502.
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