Luckin Coffee Is Said to Weigh Bid for Nestle’s Blue Bottle (2)

China’s Luckin Coffee Inc. is considering making a bid for Nestle SA’s Blue Bottle Coffee to boost its brand profile and expand in the premium coffee segment, according to people familiar with the situation.

China’s biggest coffee chain and its backer Centurium Capital have also been evaluating other acquisition targets, including the operator of % Arabica coffee stores in China, which counts private equity firm PAG as an investor, the people said, asking not to be identified discussing private information.

Luckin and Centurium had been considering Coca-Cola Co.’s Costa Coffee as well, though they aren’t likely to proceed on ...