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USA – Lavazza cuts its stake in Keurig Green Mountain to raise cash

MILAN – Italy’s leading roaster Lavazza last week cashed in an estimated $50 million from the sale of 0.23 percent of US, Vermont-based coffee group Keurig Green Mountain.

The Turin-based group, which is the world’s seventh-largest coffee maker, sold nearly 380,000 shares for between $130.40 and $136.34 apiece in a series of seven transactions Jan. 23, bringing its stake in Keurig down to 7.8 percent from 8 percent, according to a filing with the U.S. Securities and Exchange Commission.

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Lavazza said in the document it plans to cut it further by at least another 2.8 percent as it raises cash for acquisitions.

Earlier this year, Lavazza made a binding offer of more than 600 million euros 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.