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6/24, 11:24 AM (Source: TeleTrader)
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Coca-Cola, Mengniu Dairy ink Olympic deal to 2032

The Coca-Cola Company and China Mengniu Dairy Company Limited signed a partnership agreement with the International Olympic Committee (IOC) that will run until 2032, the latter announced on Monday.

The agreement will extend the partnership between the American beverage giant and the IOC, which was due to end in 2020, to 104 years while welcoming the Chinese dairy company into the fold. Although certain reports estimated the deal to be worth around $3 billion, neither CEO provided any information as to its value.

"This long-term agreement is another demonstration of the relevance and stability of the Olympic Games in these times of uncertainty. Having our longest-standing partner, Coca-Cola, an iconic American brand, together with a young Chinese company, Mengniu, joining hands under the roof of our Worldwide TOP Programme is a great example of the unifying power of the Olympic spirit. This partnership will give another dimension to the promotion of the Olympic values around the world," said IOC President Thomas Bach.

Breaking the News / DZ