US soft drink giant Coca-Cola Co. is in talks to acquire or buy a stake in Glacau, a fast-growing maker of bottled water enhanced with flavorings, sweeteners, vitamins and minerals, The Wall Street Journal reported yesterday.

No deal has been reached between the Atlanta beverage maker and closely held Glacau, of Whitestone, N.Y., and negotiations could still fall apart, the report quoted a person familiar with the situation as saying.

Glacau could be valued at more than US$2 billion, since a 30 percent stake in the company was sold in August for US$677 million to the Tata Group, an Indian conglomerate that also owns Tetley tea, said the report.

According to Beverage Digest, an industry newsletter that earlier reported the talks, it isn't clear whether Coke wants to own Glacau outright or just purchase a substantial stake.

Glacau could be a good fit for Coke as it tries to reverse sales declines in its US business and improve its non-soda lineup, said The Wall Street Journal's report.