From staff reports

Midland Co. record may not be enough

The Midland Co. said Tuesday it expects to post first-quarter earnings that will set a company record but will fall short of analysts' estimates.

The Amelia-based insurance company said it will record net earnings of 55-57 cents a share for the three months ended March 31, up from 44 cents in the first quarter of 2002.

But analysts polled by Thomson Financial had forecast an average of 61 cents a share. Midland would have beaten it, had it not been for 7 cent a share in realized capital losses the company expects to incur during the quarter.

Midland issued its earnings preview after the stock market closed Tuesday. The stock finished the day at $18.03, up 46 cents.

P&G will offer cash for Wella shares

Procter & Gamble Co. will offer cash only for the preference shares of German hair-care giant Wella AG, P&G said Tuesday.

P&G had said it would offer P&G shares as a cash alternative, but said Tuesday that would delay regulatory approval of the deal. The offer is about $67 a share. Last month, P&G agreed with the controlling shareholders to acquire 78 percent of Wella's shares for $3.6 billion, then said it would tender an offer for the remaining common shares and preferred shares.