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Coffee-shop giant Starbucks Corp. (SBUX) Tuesday said it will take full ownership of the joint venture Starbucks coffee business in France it has with Spain's Sigla SA, in return handing Sigla its stake of their shared Spanish and Portuguese Starbucks operations.

"This agreement underscores Starbucks' commitment to France and our belief in the long-term market's potential," Starbucks Coffee France Managing Director Philippe Sanchez said in a statement.

Starbucks and Sigla, also known as Grupo Vips, each currently hold 50% equity stakes in the operating entities in France, Spain and Portugal.

Starbucks expects the transaction to close Sept. 30.

Grupo Vips will be a fully licensed partner with exclusive rights to operate Starbucks coffee houses in Spain and Portugal, Starbucks said.

Starbucks opened its first coffeehouse, in Paris' Opera district, in France in January 2004 and now operates more than 50 units in and around Paris and Lyon.

Company Web site: www.starbucks.com

-By Adam Mitchell, Dow Jones Newswires, +33 1 40171756; adam.mitchell@dowjones.com

(Mimosa Spencer in Paris contributed to this report.)