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Hostess Brands LLC, the U.S. bakery company whose snack cake brands include Twinkies and Ding Dongs, has pulled itself from the auction block and will instead pursue an initial public offering (IPO), according to people familiar with the matter. The move underscores the growth prospects of Hostess as well as its quick turnaround. In 2013 the Kansas City, Missouri-based company was picked up from bankruptcy by private equity firm Apollo Global Management LLC and consumer industry investor C. Dean Metropoulos for $410 million.
The US trade deficit widened modestly in May as exports fell more than imports amid a slowing global economy, the Commerce Department reported Tuesday. The US has long criticized China for keeping its yuan currency undervalued to gain an unfair trade advantage.