Ten 2020 Democratic presidential candidates will take the debate stage Wednesday at the Adrienne Arsht Center for the Performing Arts in Miami.2020 Electionsread more
Something unusual is happening in financial markets, and it could mean more gains lie ahead for stocks, if history is any indication.Marketsread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
Virginia Sen. Mark Warner breaks down the idea behind a bipartisan bill he introduced to provide more transparency in Big Tech.Technologyread more
Venezuelan President Nicolas Maduro said security forces had foiled an opposition coup attempt that included plans to assassinate him and other top political figures.World Politicsread more
Credit Suisse initiated coverage of Tesla Wednesday with an "underperform" rating and a price target 15% below where the stock closed.Marketsread more
Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
These attacks have given the public the opportunity to examine the problems associated with ransomware, where corporations -- not obligated to disclose these attacks -- have...Technologyread more
Online home goods retailer Wayfair sold roughly 1,600 mattresses and 100 bunk beds to Baptist Child and Family Services, a nonprofit that works as a federal contractor...Retailread more
"As a private company we don't have the tools to make the Russian government stop," Facebook CEO Mark Zuckerberg said at the Aspen Ideas Conference on Wednesday. "We can...Technologyread more
Wi-Fi 6 will be the next-generation wireless standard. Along with 5G, it will represent the next big shift in connectivity and data, said Irving Tan, senior vice president and...Shaping the futureread more
Hostess Brands, B&G Foods and Nutella-owner Ferrero have placed first-round bids on Kellogg's Keebler, Famous Amos and fruit snacks businesses, in a deal that could value the brands at more than $1.5 billion, people familiar with the situation tell CNBC.
Kellogg announced the sale of its cookie brands last year. Other brands up for sale include Murray and Mother's cookies and Stretch Island fruit snacks.
Private equity firms are also competing for the cookie brands, the people said.
The sale comes as Kellogg competitor, Campbell Soup, is selling its own cookie brands, Australia-based Arnott's. The soup company's cookie business has also attracted Ferrero, as well as Mondelez and Kraft Heinz, CNBC first reported. The company's Australian heritage has lent itself to a buyer base with an international focus.
Campbell and Kellogg are among the many Big Food brands that are paring down their portfolios to be more nimble as they struggle to kick-start growth. Other examples include Kraft Heinz, which last year announced the sale of its Indian food business, Complan and General Mills, which has said it plans divestitures.
Those sales have created opportunity for companies like Ferrero, Hostess and B&G that have looked to deals to broaden their reach.
Italy-based Ferrero, which was founded as a family business in 1946, has been aggressive in using acquisitions to grow its global footprint over the past two years. In 2017, it paid roughly $1 billion to buy Ferrara Candy Company, the U.S. owner of Red Hots and Now & Later candies, giving it infrastructure and a platform to grow in the U.S. It later bought Nestle's U.S. candy business for $2.8 billion, adding to its portfolio brands like BabyRuth and Butterfinger.
Hostess has been eyeing deals to broaden its treats beyond Twinkies and Ho-Hos. Executive Chairman Dean Metropoulos told analysts last February the company has "looked at every snack acquisition that has been announced [that] year," but was put off by the sky-high valuations. The Twinkie-owner last year bought breakfast brands the Big Texas and Cloverhill from Aryzta.
B&G, meantime, has bought a number of discarded brands from the country's largest food companies, looking to revive neglected brands with new investment. The owner of Cream of Wheat bought Green Giant from General Mills for $765 million in 2015 and McCann's Irish oatmeal from TreeHouse Foods for $32 million last year.
A spokesperson for Kellogg said it is "exploring the potential divestiture of our cookies, fruit snacks, ice-cream cones, and pie shells businesses. A formal process is underway."
B&G and Ferrero declined to comment. Hostess did not respond to requests for comment. The people requested anonymity because the talks are confidential.