May 7, 2018

Nestle pays Starbucks $7.1bn to sell its coffee

Nestle has announced that it will pay Starbucks $7.1bn to sell the company's coffee into homes. Nestle chief executive Mark Schneider described it as a "Significant step". Mr Schneider, who in 2016 became the first outsider to run Nestle in almost 100 years, is attempting to boost the company's profit through expansion. Last year, Nestle paid an estimated $425m for a 68% stake in Blue Bottle Coffee, a California-based company that sells coffee to customers online and has a number of shops in the US and Japan. Mr Schneider described the "Global coffee alliance" with Starbucks as "a great day for coffee lovers around the world".

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