In a  move to create "a global powerhouse in snacks, confectionery and quick meals," Kraft Foods, the world's second-largest food maker with annual revenues of $42 billion, has offered to buy UK confectionery company Cadbury for £10.2 billion ($16.7 billion).
 

Financial services giant Credit Suisse is in talks with Chicago-based Mesirow Financial Holdings about buying its hedge fund business for $11 billion.  Zurich, Switzerland-based Credit Suisse, which manages around $15 billion under its own hedge fund unit, is seeking to purchase MesirowÔÇÖs Advanced Strategies division, which places client money in hedge funds.  It currently has around $11 billion in assets. The Chicago-based firm also has holdings in real estate, private equity funds and commodities. The hedge fund unit makes up around a third of its total assets.

Financial services giant Credit Suisse is in talks with Chicago, US-based Mesirow Financial Holdings about buying its hedge fund business for $11 billion (Ôé¼7 billion).

GermanyÔÇÖs Deutsche Telekom is in talks with UK-based Vodafone, France Telecom and SpainÔÇÖs Telefonica about selling its UK unit, T-Mobile, the UKÔÇÖs Financial Times reported.

UK-based energy group BP has discovered a major new oilfield in the Gulf of Mexico.

UK-based energy group BP has discovered a major new oilfield in the Gulf of Mexico.

PetroChina has agreed to buy a 60 percent stake in two Canadian oil sands projects for $1.7 billion.  The Chinese state-owned firm, which is AsiaÔÇÖs largest oil and gas operation, bought the holdings from Canadian firm Athabasca Oil Sands (AOSC).

Al Habtoor Leighton Group has won a QR750 million (Ôé¼145 million) contract to build new water stations in two Qatari communities, it has been announced.

Houston-based energy services company Baker Hughes has agreed to acquire its smaller rival BJ Services for $5.5 billion, it has been announced. The deal, which could be concluded by as early as the fourth quarter of this year, will boost Baker HughesÔÇÖ position among the industryÔÇÖs other big players such as Schlumberger and Halliburton. Acquiring BJ Services, also based in Houston, will enable Baker Hughes to offer a wider range of servicesÔÇöa key capability that energy companies such as Exxon Mobil and Chevron are increasingly seeking when hiring contractors. The de