Coca Cola has announced that it will scale back plans for its joint venture with Procter & Gamble.  The decision to abandon plans to develop a stand-alone enterprise with P&G has been welcomed with relief from shareholders. Although the initial plans were poorly aligned in P&G's favor, Coca-Cola is on the right track to develop its non-carbonated offering and will still be keen to secure a smaller deal to benefit from P&G's R&D expertise.