TOP NEWS
* Kellogg Co.
* E-cigarette manufacturer Juul Labs Inc.'s representatives held talks with the Indonesian government in October about launching its vaping devices in the country, Indonesia's finance ministry officials told Reuters. Juul is concerned that it might not get approval as the country's authorities are likely to face opposition from the traditional tobacco industry, a source familiar with the matter told the news outlet. The representatives of the San Francisco-based company reached out to Indonesia's finance ministry to discuss its potential tax sales in the country, the report added, citing the Indonesian officials. Juul reportedly also is considering expanding into India, South Korea and the Philippines.
FOOD RETAIL & DISTRIBUTION
* Australian food retailer Wesfarmers Ltd. has acquired the advertising and content technology developed by Melbourne-based startup Unlockd Media Pty. Ltd., which entered voluntary administration in June, The Sydney Morning Herald reported, citing a statement. The company did not disclose financial terms of the deal, but the newspaper — citing Unlockd's recent creditors' meeting — said Wesfarmers paid A$1.3 million for the startup's intellectual property, business names and trademarks. Wesfarmers was among the companies that signed on last year to use Unlockd's app as part of its Flybuys loyalty program, the report said.
BEVERAGES
* A trial to settle a contract dispute between MillerCoors, owned by Molson Coors Brewing Co., and Pabst Brewing Co. began Nov. 12 and will continue through Nov. 30, the Associated Press reported. Pabst alleged that MillerCoors wants to put it out of business by not renewing its brewing agreement, which was signed in 1999 and will expire in 2020. MillerCoors has been brewing almost all of Pabst's products, including Pabst Blue Ribbon, Old Milwaukee and Lone Star. According to MillerCoors, it reportedly does not have enough capacity and it is not obligated to continue brewing for Pabst. However, according to Pabst attorney Adam Paris, the company reportedly "has no real alternatives" if MillerCoors would not renew its agreement.
RESTAURANTS
* French catering and foodservice company Elior Group SA said it is reviewing strategic options related to its concession catering activities, which are part of its areas subsidiary, in order to accelerate the company's expansion. The review could lead to the separation of its areas subsidiary from the rest of the group, the company added.
PACKAGED FOODS
* Activist investor Third Point LLC called for clarity on Campbell Soup Co.'s approach to vetting candidates for its board of directors Nov. 12, the latest blow in a proxy battle between the two. In a letter to Campbell CEO and interim President Keith McLoughlin, the hedge fund pushed for details on Campbell's selection process, asking why the food company has refused to meet with Third Point's nominees, yet offered board seats to two of them. Campbell disclosed Nov. 9 that Third Point had rejected the offer to two board seats. Campbell did not immediately respond to a request for comment from S&P Global Market Intelligence.
* Nestlé Health Science, a unit of Nestlé SA, will raise its stake in allergy-focused drugmaker Aimmune Therapeutics Inc. to 19% with a $98 million investment, bringing Nestle's total investment in the drugmaker to $273 million. The deal is expected to close by the end of 2018, subject to the expiration or termination of applicable waiting periods under all applicable antitrust laws and satisfaction of other customary closing conditions.
* U.K.-based buyout firm Inverleith LLP purchased a majority stake in local chocolate retailer Montezuma's for an undisclosed sum, The Guardian reported. The transaction reportedly will aid in the expansion of Montezuma's store locations and product offerings, as well as increase the number of its resellers.
* London-based packaged food producer Tate & Lyle PLC North American food and beverage solutions unit implemented a price hike of between 3% and 11% on its specialty starches, fibers, oat products and sweeteners, effective Nov. 1. The company said it made this move to offset high costs of materials and logistics and transportation due to substantial truck shortages.
* Food and beverage giant Mondelez International Inc. said it has ceased its contracts with 12 of its suppliers that engaged in deforestation, as part of its plan to make its palm oil supply chain 100% sustainable and transparent.
* U.K. packaged food company Premier Foods said CEO Gavin Darby will be stepping down, effective Jan. 31, 2019, and added that the board will start looking for a successor. The company also said it is in discussions with third parties to sell its rice and custard brand Ambrosia as it aims to reduce debt and raise funds to invest. For the 26 weeks ended Sept. 29, the company reported adjusted EPS of 2.91 pence, up 13.8% from 2.56 pence in the year-ago period.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, Hang Seng rose 0.62% to 25,792.87, while the Nikkei 225 fell 2.06% to 21,810.52.
In Europe, around midday, the FTSE 100 rose 0.23% to 7,069.93, and the Euronext 100 gained 0.36% to 989.78.
On the macro front
The Redbook index for retail sales and the Treasury budget 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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