New York: Warren Buffett’s face will appear on cans of Cherry Coke in China, an attempt by Coca-Cola Co. to capitalize on its biggest and most famous investor.
The company, which introduced Cherry Coke in the Asian nation on 10 March, will offer the Buffett cans for a limited time while supplies last, according to its website. Coca-Cola cited Buffett’s renown in China, where investors have sought to copy his tactics.
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Buffett’s investment firm, Berkshire Hathaway Inc., owns 9.3% of Coca-Cola—a holding valued at about $17 billion. The 86-year-old has been a major shareholder in the beverage giant for more than a quarter-century and spent about $1.3 billion building the stake.
He’s also a heavy user of the product: Buffett has said that he drinks about five cans of Coke per day, and he’s frequently seen sipping the beverage at public events.
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Buffett, who has a net worth of about $75 billion, has come to the defence of Coke amid concerns about the effects of sugary drinks. At his company’s annual meeting last year, he said his happiness from drinking the soda outweighs health benefits from eating more vegetables.
“I have not seen evidence that convinces me that it’ll be more likely I reach 100 if I suddenly switched to water and broccoli,” Buffett said. Bloomberg
