Nestlé adds Starbucks to coffee offering

Swiss food giant Nestlé is paying Starbucks $7.15billion (about R90.3-billion) in cash for the rights to sell the US chain’s packaged coffees through supermarkets and other food shops globally.

Nestlé, which owns Nescafé and Nespresso, said the deal would boost its position in North America and give it opportunities to sell premium-range coffee to consumers overseas.