British cell phone company Vodafone (VOD) agreed to buy German cable operator Kabel Deutschland for €7.7 billion ($10 billion) in its second acquisition of a European fixed-line network in the past year. Vodafone's offer of 87 euros a share is valued at €10.7 billion when including €3 billion in net debt. Vodafone beat out billionaire John Malone's Liberty Global (LBTYA - Get Report) for Kabel; Liberty Global made a preliminary offer for the company last week. Kabel's board is expected to recommend Vodafone's offer, according to statements by both companies.
Hostess Brands said its Twinkies snack cakes will return to store shelves on July 15 under its new ownership. In what the company is touting as "the sweetest comeback in the history of ever," Twinkies and sister products including CupCakes and Donettes will once again be for sale after Hostess went bankrupt last year amid a fight with its union workers, who went on a strike that crippled the company's production. Hostess is now owned by private-equity firms Apollo Global Management (APO - Get Report) and Metropoulos & Co..