Canadian oil and gas producer Crescent Point Energy Group has agreed to buy oil and gas firm Wave Energy for C$665 million, in a bid to boost its Saskatchewan oil assets.  The deal will give Calgary-based Crescent Point control of land in Saskatchewan's Lower Shaunavon resource play that could contain over one billion barrels of oil, the company said. Crescent Point, which is on a drive to significantly boost its assets in Saskatchewan, also confirmed it had acquired additional assets in the region for a total of C$258 million, as part of a separate deal.

Scottish exploration group Cairn Energy announced today that it is to begin pumping the first oil from its major development in Rajasthan, India.

Northern-Irish drug maker Warner Chilcott has agreed to buy the prescription drugs unit of Proctor & Gamble (P&G) for around $3.1 billion.  Cincinnati-based P&G has been seeking a buyer for the unit for several months since it announced it was interested in exiting the prescription drugs business in favor of over-the-counter products. Drug approval processes have become increasingly complicated, making investments in pharmaceuticals less profitable.

Northern-Irish drug maker Warner Chilcott has agreed to buy the prescription drugs unit of Proctor & Gamble (P&G) for around $3.1 billion (Ôé¼2.1 billion).

Italian foundry equipment maker Danieli has won a contract worth $213 million (Ôé¼150 million) to build a steel plant in Jeddah, Saudi Arabia.

The US Justice Department has given its approval for business software firm Oracle to take over Sun Microsystems.┬á  The $7.4 billion deal was agreed by both companies in April but needs approval from both the US Justice Department and the European Commission before it can be concluded. ┬á It is hoped that the European Commission approval will come through by early September.

India's top mobile firm Bharti Airtel has extended merger talks with South AfricaÔÇÖs MTN until the end of September, it was announced today.

Northrop Grumman, the third-largest US defense company, is selling its unit that advises military and intelligence agencies, known as TASC.┬á  It is thought the division, which sells mission analysis services and advises government military agencies on weapons systems, could fetch up to $2 billion.

Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has emerged as the winning bidder to take over Texan lender Guaranty Financial Group, according to reports.

Canadian firm Research in Motion (RIM), the maker of the Blackberry smartphone, has been named the worldÔÇÖs fastest growing firm in Fortune magazineÔÇÖs annual guide.  The firmÔÇÖs success is due in part to the release of its latest Blackberry model, the Curve, which in the three months to June this year was the top-selling smartphone in the US, claiming more than 50 percent market share. This year is the first time that Fortune has opened the list to non-US companies.