The field has narrowed in the yogurt battle: Coca-Cola is not exploring a stake in Chobani, sources told CNBC Wednesday.
People familiar with the situation previously reported that PepsiCo and rival beverage giant Coke were in talks to take a stake in Greek yogurt maker Chobani. The process was reportedly being managed by Goldman Sachs, and other food and consumer companies are in talks to invest as well, the sources said.
Such an investment could value Chobani at as much as $3 billion, including debt, a figure first reported by Reuters. Importantly, private equity firm TPG, which invested in Chobani last year and has been heavily involved in the company's operations, could have its position bought out in any new investment.
Chobani would continue to be led by founder and CEO Hamdi Ulukaya, who is now looking for a strategic investor to help expand and enter new product categories.