Buyout firms near to Twinkies deal

The private equity firms Apollo Global Management and C Dean Metropoulos are believed to be near a deal to buy snack cake brands including Twinkies and Donettes from the bankrupt Hostess Brands. A deal, part of Hostess's bankruptcy reorganisation, is not yet final.

The so-called stalking horse bid would be for more than $400m (£250m), according to The Wall Street Journal. It would serve as the baseline offer for the business, which also includes Dolly Madison bread and Hostess cupcakes, and could be topped by others at an auction.