Nestle Reportedly to Buy Starbucks' Retail Coffee Trading Business

Starbucks Corp. (SBUX)  was reportedly close to selling its retail coffee trading business to Nestle S.A.

The deal was first reported by Inside Paradeplatz, a Swiss financial blog, which said a deal could be announced over the weekend.

Nestle over the past year has focused on acquiring smaller coffee brands such as Blue Bottle Coffee Co. and Chameleon Cold-Brew.

Nestle owns Nespresso, which is a direct rival in the U.S. to Starbucks's retail coffee bean business.

Starbucks' packaged-goods business posted sales of about $1.8 billion in fiscal 2017.

Both companies declined to comment on the report.

Shares of Starbucks were up 2.3% on Friday. 

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