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AB InBev raises $5B in Hong Kong IPO; Starbucks wins appeal in Dutch tax case

TOP NEWS

* Anheuser-Busch InBev SA said it decided to proceed with the Hong Kong listing of its Asian arm Budweiser Brewing Co. APAC Ltd. nearly two months after aborting the plan. It priced the IPO at HK$27, the bottom of its indicative range. AB InBev said the gross proceeds of the offering are expected to be HK$39.2 billion, or approximately $5 billion prior to any exercise of the overallotment option by the underwriters.

* Europe's General Court overturned an order by the European Commission that states Starbucks Corp. should pay up to €30 million in back taxes to the Netherlands. In 2015, the European Commission said the Netherlands granted selective tax advantages to Starbucks, adding that the local tax ruling "endorsed artificial and complex methods" to establish taxable profit for the coffee giant. However, in the latest filing, the General Court said the commission was unable to demonstrate the existence of an advantage in favor of Starbucks.

FOOD RETAIL & DISTRIBUTION

* HQ Global Education Inc. said it agreed to acquire Canadian hemp cannabidiol company Green Sky Solutions Inc. for an undisclosed sum.

* Amazon.com Inc. is building a team of property experts, including former J Sainsbury PLC executive Matt Birch, who joined the retailer in May, to identify sites for setting up physical grocery stores in the U.K., The Times (UK) reported. An Amazon spokesman reportedly declined to provide further information, adding that the company does not comment on rumor or speculation.

BEVERAGES

* Soft drinks producer AG Barr PLC said the first half of 2019 was "disappointing" as it reported diluted EPS of 9.55 pence, down from 12.74 pence in the year-ago period. For the six months ended July 27, the company's statutory profit before tax was £13.5 million, compared with £18.2 million in the prior year.

AGRICULTURAL PRODUCTS

* Argentina's agriculture ministry said China has approved soymeal exports from seven Argentine soybean crushing plants, including those of Cargill Inc., COFCO International Argentina and Bunge Ltd.'s local unit, after almost a decade of trade talks, Reuters reported.

* Hog processor C.P. Pokphand Co. Ltd. plans to expand its business by raising 10 million pigs a year by 2021, up from the current 4 million, China Area CEO Bai Shanlin told Reuters in an interview.

TOBACCO & SMOKING PRODUCTS

* Federal prosecutors in California have opened a criminal investigation into Juul Labs Inc., The Wall Street Journal reported, citing anonymous sources. The U.S. attorney's office of the Northern District of California is in early stages of the investigation, but the focus of the probe was not identified, according to the report. Juul did not immediately respond to S&P Global Market Intelligence's request for comment.

* Japan Tobacco Inc. said it appointed Senior Vice President Yuki Maeda as CFO of its Japanese tobacco business. The company also named Hiroyuki Fukuda as its communications senior vice president and Kei Nakano as corporate strategy senior vice president.

PACKAGED FOODS

* The Kraft Heinz Co. has partnered with Diageo PLC-owned Baileys cream liqueur to launch nonalcoholic coffee beverage Baileys ready-to-drink cold brew. Under the partnership, the companies also introduced Baileys roast and ground coffee bags and Keurig Dr Pepper Inc.-made K-Cup pods.

* Hershey Co. said it completed its acquisition of nutrition-bar maker ONE Brands LLC for $397 million, or approximately $325 million net of tax benefits. The deal is expected to be slightly accretive to the chocolate manufacturer's earnings in the first full year after the transaction.

* Hormel Foods Corp. declared a quarterly dividend of 21 cents per share, payable Nov. 15 to shareholders of record at the close of business Oct. 21.

* Campbell Soup Co. said it completed the sale of its Danish baked-snacks unit Kelsen Group A/S to an affiliate of Ferrero International SA for $300 million.

RESTAURANTS

* Papa John's International Inc. said its franchise partner, Drake Food Service International, opened the pizza chain's first restaurant in Portugal. The company is also seeking expansion across Brazil, Australia, Taiwan and Southeast Asia.

* Chicken restaurant chain Wingstop Inc. said it would open a total of 200 outlets in Mexico by 2028, as it expands its current development agreement with its brand partner Wingstop Mexico. Wingstop's local partner plans to open 16 restaurants in 2019, adding to the existing 86 outlets. Additionally, Wingstop aims to open its first restaurant in France by 2019-end.

* Florida-based fast-casual Italian restaurant chain Kisses from Italy Inc. said the Financial Industry Regulatory Authority approved its application to trade its stock on the OTC Pink Sheets under the symbol KITL.

INDUSTRY NEWS

* Nineteen consumer goods companies, including food and beverage companies Nestlé SA, Danone SA, Barry Callebaut AG, Kellogg Co., Mars Inc., Loblaw Cos. Ltd. and McCain Foods Ltd., launched the One Planet Business for Biodiversity coalition, which aims to protect and restore biodiversity within their supply chains and product portfolios.

* The Chinese government has waived off retaliatory tariffs for several domestic state and private companies, including COFCO Corp. and Sinograin Oils Corp., to purchase U.S. soybeans, Bloomberg News reported, citing people familiar with the situation. The sources added that the companies have received waivers for purchasing up to 3 million tons of soybeans. The Chinese commerce ministry reportedly did not respond to a request for comment.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.22% to 26,281.00, and the Nikkei 225 lifted 0.09% to 22,098.84.

In Europe, around midday, the FTSE 100 fell 0.12% to 7,317.41, and the Euronext 100 was up 0.24% to 1,091.47.

On the macro front

The Redbook Index for retail sales, the S&P Corelogic Case-Shiller home price index, the Federal Housing Finance Agency house price index, the consumer confidence report and the Richmond Fed manufacturing index are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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