Slightly lower: Oil prices edged lower this morning after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week, Reuters reports. Brent crude fell by 23 cents to $90.42 a barrel, while U.S. West Texas Intermediate crude lost 46 cents to $87.05. Reuters has the latest.
$5.6B deal: Hostess, the maker of snack classics like Twinkies and HoHos, is being sold to J.M. Smucker in a deal worth about $5.6 billion. Smucker, which makes everything from coffee to peanut butter and jelly, will pay $34.25 per share in cash and stock, and it will also pick up approximately $900 million in net debt. Read more about the deal.
Deadline nears: Stellantis is reporting progress in talks with the United Auto Workers union with just three days left before contracts expire with Detroit’s three automakers. The union has asked for 46% raises in general pay over four years—an increase that would elevate a top-scale assembly plant worker from $32 an hour now to about $47. Read the full story.
