Keurig Green Mountain is planning to buy back more than 50% of Italian coffee maker Luigi Lavazza for around $624m.

This comes as Lavazza is currently raising funds for the acquisition of D.E. Master Blenders' L'Or and Mondelez International's Grand Mere French coffee brands, Reuters reported.

Lavazza has bid over $708m for the coffee brands, which are being divested to pave the way for $5bn merger of D.E. Master Blenders and Mondelez's coffee businesses.

D.E. Master Blenders and Mondelez are, however, contemplating to sell Carte Noir coffee brand instead of L'Or and Grande Mere brands in order to allay the concerns of European regulatory authorities about the merger.

As reported by the news agency, EU antitrust regulators claim that the proposed merger would reduce competition for roast and ground coffee in France, Denmark and Latvia, as well as for filter pads in France and Austria.

Lavazza plans to further reduce its stake in Keurig to 2.9% from the current 6.1%.

This comes after Lavazza raised $50m last month by selling 0.23% of its stake in Keurig.