Late Brief – Companies and Markets -2- | 04/20/22

A spokesperson for the board of directors of shopping center investor Deutsche Euroshop is temporarily leaving the board due to illness. At his request, the SDAX Supervisory Board rescinded Wilhelm Wellner’s appointment for a limited period of time until September 30, 2022. Welner had previously informed the Supervisory Board that he would not be able to perform his duties on the Board for health reasons, at least for the corresponding period.

MFE relinquishes dissenting candidates to ProSieben’s Supervisory Board

A dispute over the Supervisory Board positions at ProSiebenSat1 Media SE with major shareholder MFE-Mediaforeurope has been averted for the time being. The Italian media group, controlled by the Berlusconi family, announced that it would not present any opposing candidates to the supervisory board at ProSieben’s annual general meeting on May 5.

Abbott Exceeds Expectations and Cuts Profit Guidance

Abbott Laboratories benefited from its own coronavirus tests in the first quarter. The diagnostic company has significantly increased its profits and sales. The group also raised its full-year coronavirus test sales forecast, but lowered its profit forecast. Net income jumped to $2.45 billion in the first three months from $1.79 billion in the same period last year. Adjusted earnings per share was $1.73.

Imperial Brands expects to write off £225m for Russia sale

The sale of Russian business to investors is a drag on Imperial Brands. British Tobacco expects to write off £225m from the deal. The group said that the transfer of the business to Russian investors has yet to be officially registered by local authorities, which is expected soon. The business sold includes sales and marketing activities and a factory in Volgograd.

Just Eat can part with Grubhub again

Food delivery service Just Eat Takeaway.com is considering selling US delivery service Grubhub, which was purchased only last June. The Amsterdam-based company said it is actively evaluating Grubhub’s options, including the participation of a strategic partner, a partial sale or a full divestment. However, it is uncertain whether or not a transaction can be made.

Nasdaq raises its dividend and announces a stock split

The US Exchange Company, Nasdaq, posted lower profits in the first quarter despite revenue growth. Dividends must continue, and the group also announced a stock split.

P&G achieves biggest organic sales growth in 20 years

Procter & Gamble Co. registered. (P&G) reported the strongest increase in organic sales in at least twenty years during the last quarter. Consumers have spent more on household goods like Pampers nappies and Gillette razors despite looming inflation and a recession. The Cincinnati-based consumer goods maker reported 10 percent organic sales growth for the quarter ended March 31.

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April 20, 2022, 12:35 ET (16:35 GMT)