Coca-Cola raises stake in Keurig Green Mountain

Coca-Cola Co has raised its stake in Keurig Green Mountain Inc to 16 per cent from 10 percent, making it the largest shareholder of the maker of the popular Keurig one-cup coffee brewer.

Coca-Cola announced a 10 per cent stake in Keurig in February and said it would help launch the company's new cold drink machine.

Coke had the option to raise its stake in Keurig to a maximum of 16 per cent through open market purchases.

Coca-Cola now owns about 26 million shares of Keurig, up from 16.7 million as of February 27, according to a regulatory filing.

Keurig's machines use pods filled with coffee, tea or hot chocolate powder to brew one-cup drinks at home.

Keurig's shares closed at $110.71 on the Nasdaq on Monday. They have risen about 38 percent since Coke disclosed its 10 percent stake.

Coca-Cola's stock closed at $40.82 on the New York Stock Exchange.