Germany: Metro Group CEO Dr Eckhard Cordes has stepped down despite winning the support of majority shareholders only a few weeks ago. The backing of the Haniel and Schmidt-Ruthenbeck families to renew his contract was not enough to persuade Cordes to stay on in the wake of reports that he had lost the backing of unions and some senior board members. "The trustful basis to stay on as the head of Metro's top management does not anymore exist," said Cordes.
Colombia: British American Tobacco has completed the $452m acquisition of Productora Tabacalera de Colombia (Protabaco) the second-largest cigarette company in Colombia. Colombia's anti-monopoly watchdog cleared the deal in August.
US: PepsiCo has reported a 13% increase in third quarter turnover boosted by strong sales in emerging markets and the acquisition of Russian dairy and juice giant Wimm-Bill-Dann. However, high commodity cost inflation continued to put pressure on profits, which were up 4% on the equivalent period last year. PepsiCo reaffirmed its forecast for high single-digit growth in 2011.
Australia: The Australian competition watchdog has warned supermarkets that it is watching the sector closely to prevent abuses of market power. The Australian Competition & Consumer Commission said it would be paying particularly close attention to agreements between smaller suppliers and the big supermarkets.
"The ACCC can and will watch closely to ensure any dealings do not involve unconscionable conduct by the supermarkets," chairman Rod Sims told the Melbourne press club. Sims also warned that vertical integration in the supply chain would come under close scrutiny.