TOP NEWS
* Budweiser Brewing Co. APAC Ltd., Anheuser-Busch InBev SA's Asian unit, priced its revived IPO between HK$27 and HK$30 per share. Budweiser APAC, which initially aimed to raise HK$76.45 billion before it called off the IPO in July, is offering a total of 1,262,350,000 shares, representing 9.53% of the company, though it could extend that to 36.8%. Singaporean sovereign wealth fund GIC agreed to become a cornerstone investor and will buy US$1 billion worth of stock in the IPO, which is expected to be complete by Sept. 30.
* The European Commission launched individual in-depth probes into the so-called excess profit tax rulings granted by the Belgian government to 39 multinational companies, including Anheuser-Busch InBev and British American Tobacco PLC, to assess whether these benefits violated the bloc's state aid rules. The move comes after the bloc's General Court earlier this year quashed the Commission's January 2016 decision deeming Belgium's tax scheme illegal and ordering the country to recover €700 million from dozens of companies.
FOOD RETAIL & DISTRIBUTION
* Walmart Inc.-owned British grocer Asda Group Ltd. reported a 1.6% increase in its like for like sales, excluding fuel and VAT, for the year ended Dec. 31, 2018. Operating profit for the period hiked 9.2% year over year to £803.2 million.
* Metro AG extended the deadline to sell its hypermarket chain Real to real estate investor Redos Group after other parties showed interest in the stores, Reuters reported, citing a company spokesperson. Metro, which initially agreed to complete talks by July-end, reportedly pushed back the deadline to September.
* Israeli tech startup Trigo Vision Ltd. said it raised $22 million in series A funding, led by growth fund Red Dot Capital, with previous investors Vertex Ventures Israel and Hetz Ventures also participating. The company, which provides checkout-free systems to grocery retailers, said the latest round brings the total funding to $29 million.
* Ocado Retail Ltd., a joint venture between Ocado Group PLC and Marks & Spencer Group PLC, recorded retail revenue of £386.3 million for the third quarter ended Sept. 1, marking an 11.4% year over year increase from £346.9 million. The company also said M&S products, including its food range, will be available through Ocado from September 2020 at the latest.
* Australia's Woolworths Group Ltd. is rolling out a subscription-based grocery delivery service, dubbed Delivery Unlimited, The Sydney Morning Herald reported. The service offers customers free delivery on their weekly orders, provided they spend more than A$100, for a monthly or annual fee.
* Seven & i Holdings Co. Ltd. said net sales of its overseas unit, 7-Eleven Inc., fell 2.3% in August. The Japanese company's general merchandising arm, Ito-Yokado, saw a 1.2% drop in total sales during the month. Supermarket chain York-Benimaru's total sales remained flat, whereas department store chain Sogo & Seibu's total sales grew 2.8%. Seven & i Food Systems Co. Ltd., which operates restaurant chain Denny's in Japan, saw its total sales improve 1.1% from the year-ago period.
BEVERAGES
* Keurig Dr Pepper Inc. said it rolled out a range of coffeemakers, dubbed the K-Duo portfolio, that combines single-serve and drip coffee functionality. The company also declared a quarterly dividend of 15 cents per share, payable Oct. 18, and said it will invest about $200 million to develop a production and warehouse facility in Allentown, Pa., creating nearly 400 jobs.
* Portland, Ore.-based spirits-maker Eastside Distilling Inc. said it acquired Intersect Beverage LLC's Azuñia Tequila brand. The initial consideration for the all-stock transaction will not exceed about $14.7 million based on future revenue performance and will be payable about 18 months after the deal closes.
TOBACCO & SMOKING PRODUCTS
* California and Chicago have joined the Trump administration and other jurisdictions across the U.S. in a growing movement to bring more scrutiny to the vaping industry. California Gov. Gavin Newsom directed the launch of a $20 million statewide public awareness campaign to educate the public about the health risks of vaping nicotine and cannabis products. Meanwhile, Chicago Mayor Lori Lightfoot called for a citywide ban on sales of flavored e-cigarettes and tobacco products.
PACKAGED FOODS
* General Mills Inc. is recalling a batch of its Gold Medal unbleached all-purpose flour due to the possible presence of E. coli O26. No illnesses related to the products have been reported.
* New Zealand-based The a2 Milk Co. Ltd. said it would continue to invest in the U.S. and China in a bid to increase brand awareness and improve market share, following its announcement that it will exit its operations in the U.K. The company also plans to expand into new markets. It is market testing in Southeast Asia and extending its Korean range to include infant nutrition.
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Food in Focus: Wholesale prices weigh on grocer margins in August
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng fell 1.23% to 26,790.24, and the Nikkei 225 gained 0.06% to 22,001.32.
In Europe, around midday, the Euronext 100 was up 0.03% to 1,084.79.
On the macro front
The Redbook Index for retail sales, the industrial production report, the housing market index and the Treasury International Capital report 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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