Adidas, Foxtons, Nestle: Business news in brief on Wednesday 27 April

Nestlé and R&R agree to merge ice cream and frozen food businesses; Adidas pumps up 2016 profit outlook; Mitsubishi Motors' domestic orders halve

Nestlé and R&R agree to merge ice cream and frozen food businesses (AFP/Getty Images)

Foxtons takes a hit on Brexit uncertainty

Foxtons has joined the chorus of companies in the UK property market warning of a fall in house purchases ahead of June's vote on whether or not the UK should remain a member of the EU, sending the company’s shares down 3 per cent. The estate agent reported a 28.5 per cent increase in property sales in the first quarter as investors rushed to complete deals before stamp duty increased on 1 April. But Foxtons warned the present quarter would be weaker as June’s referendum weighs on sales.

Nestlé and R&R agree to merge ice cream and frozen food businesses

Nestle said Wednesday it will set up a joint venture with R&R Ice Cream, the UK based company behind Cadbury’s and Skinny Cow, to sell ice creams and certain frozen foods globally. The new 50:50 joint venture, Froneri, will have sales of about CHF 2.7 billion (£1.9 bn) and 15,000 employees. It will operate in Europe, the Middle East (excluding Israel), Argentina, Australia, Brazil, the Philippines and South Africa, Nestle said in a statement.

Adidas pumps up 2016 profit outlook

Adidas raised its full-year profit forecast for the second time in less than three months after first-quarter results beat its own expectations sending the company’s shares up 4 per cent. The company said it expects 2016 net profit to increase between 15 per cent and 18 per cent after a previous forecast of 10 per cent to 12 per cent.

Mitsubishi: Domestic orders have halved

Japanese car manufacturer Mitsubishi said on Wednesday that domestic orders for its vehicles have halved since it revealed last week it had been rigging fuel efficiency tests. Managing director Yutaka Tabata said it will be “difficult” to come up with a forecast until the full extent of the scandal is known. The company admitted to manipulating data for the past 25 years, on Tuesday this week, far longer than initially thought.