Ronaldo sends Coca-Cola’s valuation back by $4bn over pre-match move

Ronaldo sends Coca-Cola’s valuation back by $4bn over pre-match move

Cristiano Ronaldo broke a European Championships record with his brace against Hungary on Tuesday, June 15.

The first goal by Ronaldo — a penalty — meant he has now scored 10 goals at the finals, one more than Frenchman Michel Platini. His late second, a cute finish, lifted him to 11 on the all-time table.

The Portuguese talisman had already had a significant off-the-field contribution before that.

In the pre-match press conference, Ronaldo moved two Coca-Cola bottles away. A video of the incident, that has gone viral, clearly showed his distaste for the soft drink.

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After moving the two bottles; Ronaldo was seen promoting a bottle of ‘Agua’ (water in Portuguese). The inference was that Ronaldo, a self-confessed health fanatic, was urging people to choose water over the carbonated soft drink.

His actions were reflected by a marginal fall; in the beverage giant’s share price ($56.10 to $55.22). As a result, the company’s market valuation went down from $242bn to $238bn.

The giant, an official sponsor of Euro 2020, on a statement; said “everyone is entitled to their drink preferences” according to their “tastes and needs”.

The company’s overall market value has, however, been rising over the past three months.

Coca-Cola did not respond directly to a request for comment; but instead pointed to a statement from European soccer’s governing body, UEFA, which said the company offered “a range of drinks to suit different tastes and needs, which are available to players throughout the tournament.”

 

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