Starbucks in Talks to Buy Peet's Coffee

By Erika Okano
|  Wednesday, Mar 16, 2011  |  Updated 8:47 AM PDT
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Starbucks in Talks to Buy Peet's Coffee

Peet's Coffee

Peet's Coffee will soon be serving up specialty brews from Godiva Chocolate.

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Peet's Coffee may soon become a part of the Starbucks empire, according to Reuters. Both company's CEOs have declined to comment, however.

The Emeryville company apparently held talks with Starbucks about a potential sale. Rumors have floated around the coffee industry for months, but this is the first concrete news we've had about a deal.

Peet's sells packaged coffee at Albertson's supermarkets and has 192 retail stores in six states.

Peet's has a market value of $589 million as of Tuesday's market close, according to the wire service.

Word of a deal may have Peet's loyal followers (Peetniks) up in arms.

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