China says it held second vice ministerial call with U.S. on trade

BEIJING (Reuters) - China and the United States held a vice ministerial-level call on Friday, the second such contact in a week, achieving a "deep exchange of views" on trade imbalances and the protection of intellectual property, the Chinese Ministry of Commerce said. A statement posted on the ministry's website on Sunday said the two countries "made new progress" on those issues, without specifying further. It also said China and the United States discussed arrangements for the next call and mutual visits.

On Wednesday, the ministry said Beijing and Washington had held a vice ministerial-level telephone call about trade and economic issues, without providing other details. The calls took place amid signs of a thaw in a trade dispute between the United States and China, the world's two largest economies.

U.S. President Donald Trump and Chinese President Xi Jinping this month agreed to a truce that delayed the planned Jan. 1 U.S. increase of tariffs on $200 billion worth of Chinese goods while they negotiate a trade deal. Chinese Commerce Ministry officials indicated earlier the two countries were in close contact over trade, and any U.S. trade delegation would be welcome to visit.

https://m.uk.investing.com/news/commodities-news/china-commerce-ministry-says-china-us-held-vice-ministerial-level-call-on-friday-1411638?ampMode=1

Kraft Heinz, Mondelez make the cut in Campbell Soup's international business auction: sources

(Reuters) - U.S. food companies Kraft Heinz Co (KHC.O) and Mondelez International Inc (MDLZ.O) have been short-listed to participate in the second round of Campbell Soup Co’s (CPB.N) auction of its international business, people familiar with the matter said. The development boosts Campbell Soup’s chances of divesting its international portfolio, which includes its Australian cookie brand Arnott’s and Danish baked snacks maker Kelsen Group, with one deal, two sources said on Sunday. Both Kraft Heinz and Mondelez are interested in the assets so they can expand their global footprint. Based on the first-round bids received, Campbell Soup could fetch close to $3 billion for its international business, the sources added.

Private equity firms Bain Capital LP, KKR & Co Inc (KKR.N) and FinTrek Capital Hong Kong Co Ltd also made the shortlist to participate in the second round of the auction for Campbell Soup’s international business, according to the sources. Nutella maker Ferrero SpA, which had previously also expressed interest in the assets, is currently in talks with Campbell Soup over whether it will remain involved in the auction process, the sources added. Campbell Soup could wrap up the auction for its international business in the first quarter of 2019, the sources said, asking not to be identified because details of the process are confidential. Campbell Soup, Kraft Heinz, Mondelez, Ferrero, Bain, KKR and FinTrek Capital did not immediately respond to requests for comment.

Under pressure from investors to boost its profitability and stock performance, Campbell Soup announced in August it would make preparations to divest its international portfolio as well as its “fresh” business, which includes Bolthouse Farms and Garden Fresh Gourmet. This will allow it to reduce its $8 billion debt pile and focus on its core North American market, as well as its snacks, meals and beverages businesses. Most of the debt weighing on Campbell Soup is the legacy of its $6.1 billion acquisition in March of snack maker Snyder’s-Lance Inc.

Last Thursday, Campbell Soup named Mark Clouse, the former CEO of Pinnacle Foods, as its new chief executive, in another key step in the company’s efforts to regain market share and boost profits. The pick had the backing of Campbell Soup shareholder Third Point LLC. In November, Campbell Soup settled a proxy contest against Third Point by agreeing to add two of the activist hedge fund’s nominees to the food company’s board, and giving the investor a say in selecting Campbell Soup’s next CEO.

https://www.reuters.com/article/us-campbell-soup-divestiture/kraft-heinz-mondelez-make-the-cut-in-campbell-soups-international-business-auction-sources-idUSKCN1OM0GB