Profits at Minneapolis-based General Mills have soared by 51 percent in the first quarter, it was announced today. For the quarter ending August 30, General Mills posted profits of $420 million, up from $278 million a year before. Sales at its US retail business rose 5.8 percent and profit by 21 percent. The higher than expected profits were helped by strong sales of breakfast cereals in the US and a decline in wheat prices.

RussiaÔÇÖs Gazprom has completed the $1.6 billion purchase of 51 per cent of SeverEnergia from Italian firms Eni and Enel.

The European Commission has approved the $13.5 billion takeover of BarclaysÔÇÖ investment arm by New York-based asset management firm BlackRock. Barclays shareholders backed the sale of Barclays Global Investors in June, as the London, UK-based banking giant sought to improve its balance sheet without taking aid from the UK government.

The European Commission has approved the $13.5 billion takeover of BarclaysÔÇÖ investment arm by US asset management firm BlackRock.

Dell has agreed to buy information technology services company Perot Systems for $3.9 billion, it has been announced. Round Rock, Texas-based Dell has offered $30 a share in cash for Perot, around 31 times its earnings in 2009. Plano, Texas-based Perot, which manages computer systems, data centers, software and websites for its clients, achieved sales of $2.78 billion last year.  The deal reflects DellÔÇÖs desire to move beyond the personal computer business and expand into services and more specifically, the healthcare industry.

The worldÔÇÖs third largest mining company, Rio Tinto, has sold its Alcan Composites unit to SwitzerlandÔÇÖs Schweiter Technologies, it announced today.

The private equity arm of investment banking firm Goldman Sachs is to invest $250 million in ChinaÔÇÖs Geely Automotive.  Hong Kong-listed Geely, ChinaÔÇÖs largest privately owned carmaker, is reportedly planning to spend the money on trebling production at its flagship facility in the centrally-located province of Hunan, from 50,000 to 150,000 units per annum.  Goldman Sachs Capital PartnersÔÇÖ investment will equate to around 15 per cent of Geely, which is headquartered in Hangzhou and valued at around $1.6 billion.

The news agency Thomson Reuters has agreed to buy Oslo-based Hugin Group from its US-based owner NYSE Euronext.

UK engineering and construction company Balfour Beatty has agreed to buy New York-based transportation engineering group Parsons Brinckerhoff for $626 million.

UK engineering and construction company Balfour Beatty has agreed to buy New York, US-based transport engineering group Parsons Brinckerhoff for $626 million (£383 million).