Starbucks to Pay $2.76 Billion to Settle Grocery Dispute - Bloomberg By Chris Burritt

Starbucks to Pay $2.76 Billion to Settle Grocery Dispute - Bloomberg:

By Chris Burritt - Nov 13, 2013 http://www.bloomberg.com/news/2013-11-12/starbucks-to-pay-2-76-billion-to-settle-grocery-dispute.html

"Starbucks Corp. (SBUX) said it would pay Mondelez International Inc. (MDLZ) $2.76 billion to settle a dispute over the coffee-shop chain’s bagged-coffee business.

The payment, ordered by an arbitrator, consists of $2.23 billion in damages and $527 million in interest and attorneys’ fees, Seattle-based Starbucks said yesterday in a statement. The company said it has adequate cash and borrowing capacity to fund the payment and will book it as a charge to its fiscal 2013 operating expenses.

A Starbucks Corp. sign sits on display outside a Starbucks coffeeshop on Spring Street in the SoHo section of New York. Photographer: Ramin Talaie/Bloomberg
The arbitrator’s ruling may settle a dispute that began in 2010, when Starbucks offered $750 million to terminate an agreement through which Mondelez, then known as Kraft Foods Inc., distributed its coffee to food retailers. Kraft rejected the offer. Starbucks said yesterday that it disagreed with the arbitrator’s conclusion and said Kraft didn’t deliver on its responsibility to the brand." ...
http://www.bloomberg.com/news/2013-11-12/starbucks-to-pay-2-76-billion-to-settle-grocery-dispute.html
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