Pepsi, Coca-Cola Competing for Investment in Chobani, Shows Beverage Companies' Push to Diversify from Carbonated Beverage Sector

People familiar with the matter told Reuters that PepsiCo Inc. and the Coca-Cola Company are both in talks with Chobani LLC for a possible investment deal that will provide the Greek yogurt maker as much as $3 billion, including debt. The negotiations of both Pepsi and Coca-Cola show that beverage companies are trying to diversify beyond the carbonated beverage sector.