Starbucks snaps up Teavana

Starbucks plans to acquire tea store operator Teavana Holdings for $620m (£391m) in cash, furthering its push beyond its flagship coffee business. Starbucks, the world’s largest coffee shop operator, said it will pay $15.50 per share in cash for Teavana, a 54 per cent premium to the firm’s closing price on the New York Stock Exchange on Tuesday.