Jan 17, 2018 - Economy & Business

Nestle is selling its U.S. candy business to Italy's Ferrero

Nestle Crunch bars. Photo: Joe Raedle / Getty Images

Nestle is selling its U.S. candy business to Italy's Ferrero for $2.8 billion, the company said Tuesday. The move follows a push from the Swiss giant's CEO Mark Schneider to keep up with the increasing U.S. demand for healthy snacks.

Why it matters: Nestle said its candy business made up just 3% of its U.S. sales, lagging behind Mars, Hershey and Lindt, reports Reuters, and a sale would help it focus on its many other sectors from around the world. Meanwhile for Ferrero, which will become the U.S.'s third biggest confectionery maker, the deal creates an opportunity for the company to build greater scale in the U.S. market.

Go deeper

Axios
Updated 6 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trust — Florida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.
Go deeper (1 min. read)Arrow
Bethany Allen-Ebrahimian, author of China
2 hours ago - World

China embraces hostage diplomacy

Illustration: Sarah Grillo/Axios

The Chinese government is threatening to detain foreign citizens unless their home governments do what Beijing demands. In some cases, China has already made good on those threats.

The big picture: This marks a potential evolution of China's "wolf warrior diplomacy" to outright rogue state behavior, putting it in the company of countries like North Korea and Iran, which have also engaged in hostage diplomacy.

Go deeper (1 min. read)Arrow
Ashley Gold, Kyle Daly
3 hours ago - Technology

Justice Department sues Google over alleged search monopoly

Illustration: Lazaro Gamio/Axios

The Justice Department and 11 states Tuesday filed an antitrust lawsuit against Google, accusing the company of using anticompetitive tactics to illegally monopolize the online search and search advertising markets.

Why it matters: The long-awaited suit is Washington's first major blow against the tech giants that many on both the right and left argue have grown too large and powerful. Still, this is just step one in what could be a lengthy and messy court battle.

Go deeper (2 min. read)Arrow