07:21 AM EDT, 10/21/2024 (MT Newswires) -- Mondelez International ( MDLZ ) has agreed to sell its 86 million-share stake in JDE Peet's to investment firm JAB for 25.10 euros ($27.23) per share, JAB said on Monday.

JAB also said that it has distributed 43 million shares of JDE Peet's to more than 70 limited partners, increasing the company's float to 32%. The acquisition and subsequent distribution increases JAB's stake in the JDE Peet's to 68%, the company said.

JAB Chief Executive Joachim Creus said his firm strongly believes in the "resilience of the global coffee sector."

"We are fully committed to remaining an anchor shareholder of the world's leading pure-play coffee and tea company," he said.

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