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Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

Nestlé agreed to sell its U.S. ice cream business for $4 billion to Froneri, a joint venture Nestlé formed in 2016 with private equity firm PAI Partners.

Why it matters: This is America's second-largest ice cream group, but it's been losing market share to leader Unilever. Nestlé's plan is to follow the growth model it successfully used in Europe, under similar circumstances, whereby it merged operations with PAI-owned R&R Group to create Froneri.

Details: Brands included in the deal are Häagen-Dazs, Drumstick, Edy’s, Dreyer’s, Outshine, and Skinny Cow.

The bottom line: "Americans eat more ice cream per capita than any other people in the world, with most bought in supermarkets for consumption at home, leaving the category open to intense discounting." — Saabira Chaudhuri, WSJ

Go deeper:

Go deeper

2 hours ago - World

UN Security Council meeting on Israel-Gaza as fighting enters 7th day

Smoke billows from a fire following Israeli airstrikes on multiple targets in Gaza on May 16. Photo: Mohammed Abed/AFP via Getty Images

The United Nations Security Council was preparing to meet Sunday, as the aerial bombardment between Israel and Hamas between entered a seventh day.

The latest: Four Palestinians died in airstrikes early Sunday, as Israeli forces bombed the home of Gaza's Hamas chief, Yehya al-Sinwar, per Reuters.

7 hours ago - World

In photos: Protests in U.S., across the world over Israeli–Palestinian conflict

A protest march in support of Palestinians near the Washington monument in Washington, D.C. on May 15. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Thousands of people rallied across the U.S. and the world Saturday following days of violence in Gaza and Israel that's killed at least 145 Palestinians, including 41 children, and eight Israelis, per AP.

The big picture: Most demonstrations were in support of Palestinians. There were tense scenes between pro-Israeli government protesters and pro-Palestinian demonstrators in Winnipeg, Canada, and Leipzig, Germany, but no arrests were made, CBS News and DW.com report.

Updated 14 hours ago - World

Biden in call with Netanyahu raises concerns about civilian casualties in Gaza

Photo: Ahmad Gharabli/Nicholas Kamm/Getty Images

President Biden spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices, according to Israeli officials.

The big picture: At least 140 Palestinians, including dozens of children, have been killed in Gaza since fighting between Israel and Hamas began Monday, according to Palestinian health officials. Nine people, including two children, have been killed by Hamas rockets in Israel.