Deals du Jour

August 4, 2009

Australia and New Zealand Banking Group agreed to pay $550 million to buy some Asian units from British lender Royal Bank of Scotland , taking Australia’s fourth largest bank closer to its goal of generating a fifth of its revenue from Asia by 2012, Reuters reported.

In other M&A related stories reported by Reuters and other media on Tuesday:

Miner Xstrata posted a sharp drop in profit as a result of weak metal prices and warned hopes of a quick recovery may be premature, adding it still sought a “merger of equals” with rival Anglo American, Reuters reported. But Xstrata unveiled no new initiatives related to the courtship.

HSBC Holding is in talks to set up a joint venture in China, Vincent Cheng, HSBC executive director and chairman for Asia Pacific told Reuters.

Britain’s Financial Services Authority has launched a wide-ranging review of UK equity markets, covering aspects such as high-frequency trading and so-called “dark pools”, the Financial Times reported.

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