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. 

More from Markets

Why Bankrate's CFA Expects Two More Rate Hikes in 2019

Why Bankrate's CFA Expects Two More Rate Hikes in 2019

16 Stocks Jim Cramer Says Could Win from a U.S.-Chinese Trade Deal

16 Stocks Jim Cramer Says Could Win from a U.S.-Chinese Trade Deal

Trump Counters Claims of China Tariff Rollback, Reports Reuters

Trump Counters Claims of China Tariff Rollback, Reports Reuters

How to Handle Market Volatility According to This Financial Adviser

How to Handle Market Volatility According to This Financial Adviser

Trading in the Age of Computer Algorithms

Trading in the Age of Computer Algorithms