RUSSIA: Russian retailer O'Key Group has raised £260m (US$420m) from its initial public offering as it looks to open new outlets and increase its national footprint. The offer, which was oversubscribed, values the chain at around £1.86bn (US$3bn). The supermarket group plans to use a portion of the net proceeds to reduce its outstanding short-term debt.
US: Kellogg's blamed weaker performance in core cereal markets, competition and a product recall that affected millions of boxes for its slump in third-quarter profits. Q3 net earnings were £210m (US$338m), 6% lower than the same quarter a year ago. Net sales also declined 4% to £1.9m (US$3.2bn) over the same period.
Brewer Miller Coors reported an increase in Q3 net income as strong cost management and higher pricing offset a "sluggish" US beer market. Q3 underlying net income, excluding special items, increased 36.7% to £208m ($334m) versus the same quarter last year. Investment in innovation had also driven growth, the company said. "It is still a tough market environment, but we are encouraged by our recent premium light trends," said Leo Kiely, chief executive officer at MillerCoors.
UKRAINE: Egg processor Avangardco Investments expects to report a "robust" set of financial results for 2010. In a trading update for the nine months ended 30 September, the company said it had produced 2,968 million shell egg pieces and had traded "in line" with management expectations.
During the first nine months of 2010 the company processed 567 million eggs and the average sale price of dry egg products over the period was £4.23 ($6.81) per kg.