High street coffee chain Starbucks yesterday said it could repurchase up to 25m additional shares in a share buyback to give value back to shareholders. The Seattle based firm said the plan was a reflection of its strong current cash flow position. Its board has approved the plan, which takes its firepower for a buyback up to 37.1m shares after a recent approval for 12.1m shares. The company had 760m shares outstanding as of July. 25.
On Wednesday the firm agreed to buy Teavana Holdings for around $620m in cash.