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Coca-Cola’s plans to sell Costa Coffee are at risk of being abandoned, according to the Financial Times, as negotiations with private equity firm TDR Capital encounter difficulties over valuation.

The FT reports that TDR Capital, the owner of UK supermarket chain Asda, was selected earlier this week as Coca-Cola’s preferred bidder following a board meeting in New York. However, discussions between the two sides, alongside advisers at Lazard, have stalled due to disagreements on price.

People familiar with the situation said that Coca-Cola is expected to decide next week whether to continue with the sale process or withdraw Costa from the market entirely.

The proposed transaction would see Coca-Cola retain a minority stake in Costa Coffee, with the size of that stake potentially adjusted to help secure an agreement. Earlier this year, Coca-Cola was reported to be exploring a potential sale of Costa Coffee, which it acquired in 2018 for more than $5 billion.

TDR Capital is understood to be pursuing the acquisition of Costa’s UK and international operations, excluding China. Other bidders involved in the process reportedly included Bain Capital’s Special Situations arm and Centurium Capital, owner of China-based Luckin Coffee. Apollo and KKR are said to have withdrawn earlier in the process.

The potential sale comes as Coca-Cola announced that chief operating officer Henrique Braun will succeed James Quincey as chief executive in March.