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Hostess sale of Wonder bread almost set

Thursday, February 28, 2013 - Updated: 4:51 PM

Hostess sale of Wonder bread almost set

NEW YORK (AP) -- Wonder bread could start appearing in school lunchboxes again soon.

A person familiar with the situation says a bid by Flowers Foods to buy Wonder and several other bread brands from bankrupt Hostess was met with no competing offers. The individual requested anonymity because the auction process is private.

Hostess hasn't been making any of its cakes and breads since late November, when the company announced it was going out of business and shuttered its plants after years of financial struggles.

The $360 million bid by Flowers also includes Nature's Pride, Butternut, Home Pride and Merita breads. An auction will still be held Thursday for a separate $30 million bid by Flowers for Beefsteak. The source said a competing offer for that brand was submitted by Mexico's Grupo Bimbo, which makes Thomas' English muffins and Entenmann's cakes.

Any sales would be subject to approval by a bankruptcy court on March 19.

Target 4Q hurt by investment, weak holiday

NEW YORK (AP) -- Target is setting its bullseye on Canada in 2013.

Its investment in a Canadian launch this year and weaker-than-expected holiday sales caused Target Corp.'s net income to fall 2 percent in the fourth quarter of last year. But the second largest discounter in the U.S. said its foray into Canada, policy of matching competitors' prices and new designer lines will help its business this year.

"We believe that we are well positioned to succeed even in this uncertain environment, said CEO Gregg Steinhafel said in a call with investors.

Overall, Target's number of transactions fell 1 percent during the quarter, but the amount spent per transaction rose 1.4 percent.

5 Somalis convicted in USS Ashland case

NORFOLK, Va. (AP) -- A federal jury has convicted five Somali men of piracy for the 2010 attack on the USS Ashland.

The verdict was issued in Norfolk on Wednesday. A piracy conviction carries a mandatory life sentence.

A federal judge had dismissed the piracy charges because the men never boarded or robbed the Virginia-based amphibious dock landing ship. But a federal appeals court reversed that decision, sending the case back to trial.

Defense attorneys had argued the men were returning to Somalia after ferrying refugees to Yemen when they came across the ship. They said an AK-47 was fired in the Ashland's direction to get its attention so it could help them.

The Navy returned fire, setting the men's skiff on fire and killing one.

     

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