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CONSUMER
Clorox Q1 net up 7% to 45 cents
That beat views by 8 cents. Sales rose just 3% to $991 mil. Strong Glad plastic bag volume helped raise North American household products volume by 3%, but profit from the segment fell 4% due to increased ads and price cuts. Also, the firm will cut an unspecified number of jobs as it cuts costs. It now sees Q1 net of 32-35 cents, above views of 27 cents and 31 cents a year ago.
Diageo to set deal for takeover
The British drinks firm is ready to strike a rum deal to ease the way to its joint takeover of Seagram's drinks empire. Last week the FTC blocked its bid, arguing that the deal would create a duopoly in the rum market between Diageo and Bacardi. Diageo hopes to sell its Malibu rum to Seagram bid partner Pernod Ricard to settle concerns. Diageo recently completed ...