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Starbucks completes Teavana acquisition

BY Marianne Wilson

SEATTLE — Starbucks Coffee Company announced that it has completed its acquisition of Teavana Holdings has formally closed, making Teavana a wholly-owned subsidiary of Starbucks. Teavana has some 300 locations, primarily in 300 shopping malls across the nation.

The acquisition is the the latest addition to Starbucks emerging brands portfolio, which also includes Evolution Fresh, La Boulange, Seattle’s Best Coffee and Tazo.

Starbucks acquired Teavana for an aggregate acquisition price of approximately $620 million in cash and is expecting the acquisition to be accretive to earnings by approximately $0.01 per share in fiscal year 2013, based upon the previously announced earnings targets.

Teavana public stockholders of record will receive $15.50 per share in cash.

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N.Smith says:
Mar-13-2013 09:36 am

This acquisition may serve as a way for Teavana's growth as well as will give the companies a unique opportunity to create a superior position in the market. - Scott Sohr

N.Smith says:
Mar-13-2013 09:36 am

This acquisition may serve as a way for Teavana's growth as well as will give the companies a unique opportunity to create a superior position in the market. - Scott Sohr

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Report: Holiday sales up 0.7%

BY Marianne Wilson

New York City — Holiday-related sales rose 0.7% from October 28 through December 24, compared with a 2% rise last year, according to a preliminary report from MasterCard Advisors Spending Pulse.

"It has been a very uneven industry performance, probably at least for the last year, and that certainly continued into the holiday season," said Michael Niemira, chief economist at the International Council of Shopping Centers, in a Reuters report.

A lull in early December and winter storms in parts of the country may have cut into sales, the report said, along with fears that taxes would rise due to the "fiscal cliff" situation.

However, some analysts cautioned that it was too early to call the holiday season a complete bust as some retailers were likely to benefit from a post-Christmas rebound.

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Port strike averted

BY Katherine Boccaccio

New York City — A federal mediator announced Friday that the union for longshoremen along the East Coast and Gulf of Mexico has agreed to extend its contract for 30 days.

The extension averts a potential strike that could have crippled operations at ports that handle about 40% of all U.S. container cargo, and it comes after the union and an alliance of port operators and shipping lines resolved a royalty payment issue that had held up contract resolution. Exact terms have not been made public.

Negotiations will continue until at least midnight on Jan. 28. Some important contract issues remain to be resolved, but the head of the Federal Mediation and Conciliation Service, George Cohen, said the agreement on royalties was "a major positive step forward."

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