Mexico: Walmart is conducting a “comprehensive investigation” following allegations of corruption in Mexico. It saw $10bn wiped off its value earlier this week following claims its Mexican subsidiary paid millions of dollars to local officials to speed up approval for new stores. According to a former employee, the payments were sanctioned by Eduardo Castro-Wright, the senior executive credited with building the Mexican business into Walmart’s second-largest profit centre. “In the last year, we have taken a number of specific, concrete actions to investigate this matter,” insisted Walmart’s vice president of corporate communications David Tovar.

United States: Kellogg’s has warned its full-year operating profits will be lower than expected. The cereal giant had previously forecast static profits, but said this week it expected them to decline by between 2% and 4%. Sales, which were expected to increase by between 4% and 5%, were now expected to grow 2% to 3%. The adjusted forecast follows a 1.3% fall in Q1 sales and a 6.5% fall in profits.

Switzerland: Nestlé has acquired Pfizer’s baby food business Pfizer Nutrition for $11.85bn. Nestlé said Pfizer Nutrition, whose brands include SMA, S-26 Gold and Promil, was an “excellent strategic fit” for its existing infant nutrition business and would help it to strengthen its presence in emerging markets, which make up 85% of Pfizer Nutrition’s sales.

United States: The Coca-Cola Company has recommended its first two-for-one stock split in 16 years. The move means that, subject to shareholder approval, the number of shares will be increased from 5.6 billion to 11.2 billion on 27 July. “Our recommended two-for-one stock split reflects the board of directors’ confidence in the long-term growth and financial performance,” said Coca-Cola Company chairman and CEO Muhtar Kent.

Dominican Republic: Anheuser-Busch InBev is to acquire a 51% stake in a Dominican brewer for $1.2bn to create the leading drinks company in the Caribbean. Its Brazilian subsidiary AmBev Brasil will form a strategic alliance with E León Jimenes to create a combined business for beer, malt and soft drinks operations in the Dominican Republic, Antigua, Saint Vincent and Dominica.

United States: The US Department of Agriculture has confirmed the country’s first case of BSE since 2006. A rare form of the disease was identified in a dairy cow from central California. USDA chief veterinary officer John Clifford said the animal “at no time presented a risk to the food supply or human health” as it was never presented for slaughter.