March 30 - Master Kong, a Chinese food and beverage brand owned by Tingyi (Cayman Islands) Holdings Corp (HKG: 0322), has been given regulatory approval to acquire PepsiCo Inc's (NYSE: PEP) business in China, a person with knowledge of the issue said. The acquisition is expected to help Master Kong solidify its leadership in China's tea beverage and instant noodle markets.
March 30 - Sinopec Group, the parent of Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386), said it has completed the purchase of a 30% stake in the Brazilian and Dutch businesses of Portugal's Galp Energia SGPS SA for $5.16 billion. The deal is expected to expand Sinopec's daily crude oil capacity by 21,300 barrels by 2015.
March 30 - France's Credit Agricole SA is in talks with China's Citic Securities Co (SHA: 600030, HKG: 6030) for the sale of its Hong-Kong based brokerage CLSA, Bloomberg reported, citing announcements from the two companies. Credit Agricole is doing so for restructuring aimed at meeting tough new financial regulations amid Europe's debt crisis.
March 29 - China Hi-Tech Group Corp, a truck maker, is planning to acquire NedCar, a Netherlands-based sedan producer operated by Mitsubishi Motors Co, according to Dutch newspaper Het Financieele Dagblad. Mitsubishi Motors wants to shut down NedCar by the end of this year. China Hi-Tech had previously acquired Duracar, a Dutch electric car maker, and Ginaf, a Dutch truck maker.
March 27 - Ihaveu.com, a Chinese online luxury goods retailer, said it has received $40 million in round B fundraising. American media company Advance Publications Inc led the investments. The site received a total of $11 million from IDG and Lightspeed Venture Partners in late 2010.
March 22 - China CAMC Engineering Co (SHE: 002051), an engineering construction contractor, said it has gained regulatory approval to pay ¥737 million for a 60% stake in Canada-based Procon Holdings (Alberta) Inc to explore the North American market. Procon is engaged in mining, urban tunnel and hydraulic projects.
$1 = ¥6.3
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