Nestle to sell US candy business to Nutella maker for $2.8bn

Switzerland's Nestle, the world's biggest packaged-food company, has agreed to sell its US confectionery business to Nutella maker Ferrero for $2.8 billion. Nestle said the business had about $900 million in revenue in 2016, representing about 3% of its US sales. This sale will make Italy-based Ferrero, which also makes Tic Tac and Ferrero Rocher, the world's third-largest confectionery maker.