US owner scraps auction after bids from private equity firms fail to meet its £2bn sale expectations, report says

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Coca-Cola has reportedly abandoned plans to sell its Costa Coffee chain after bids from private equity firms failed to meet its expectations.

The US soft drinks company halted discussions with remaining bidders in December, according to the Financial Times, ending a months-long auction process.

Aim is to speed up acquisition of WBD studio and streaming businesses and hold off rival Paramount bid

Netflix is reportedly preparing to switch to an all-cash offer to seal its takeover of the studios and streaming businesses of Warner Bros Discovery (WBD), as it tries to speed up the deal and fend off a rival hostile bid from Paramount Skydance.

The changes to Netflix’s $83bn (£62bn) offer, first reported by Bloomberg, are designed to accelerate the acquisition, which is expected to take months to conclude, and make it more palatable for WBD shareholders.