ZURICH: Swiss food giant Nestle announced Monday it will pay $7.15 billion in cash for the rights to market Starbucks products around the world, outside of the company's coffee shops. "This transaction is a significant step for our coffee business, Nestle's largest high-growth category," said Nestle CEO Mark Schneider in a statement. The deal does not include any of Starbucks' coffee shops and cafes. Around 500 Starbucks staff will join Nestle, the company said, adding that both companies would collaborate on "innovation and go-to-market strategies". The deal will create a "global coffee alliance", Starbucks president and CEO Kevin Johnson said.

Source: Bangkok Post May 07, 2018 07:41 UTC