Monday’s top stories:
* Zhejiang Geely Holding Group, China’s largest private-run car maker, agrees to buy Ford Motor’s Volvo car unit for $1.8 billion, the country’s biggest overseas auto purchase. (See how the two carmakers stack up here, and read a profile of Geely founder Li Shufu here.)
* Sinopec , Asia’s top oil refiner, will buy a stake in upstream assets in Angola for $2.46 billion and said it wanted more such deals.
For more on these and the rest of the latest deal-related news from Reuters, click here.
And elsewhere on the web (some external links may require subscriptions):
* Billionaire financier George Soros and philanthropist George Kaiser are in the race to buy close to 4 percent in the Bombay Stock Exchange (BSE), the Business Standard newspaper reports.
* Tata Steel Ltd (TISC.BO), the world’s No. 8 steelmaker by output, plans to raise at least $500 million by issuing global depository receipts within six months to capitalise balance sheet, the Business Standard newspaper says
* India’s Reliance Life Insurance Co. Ltd., a unit of the Anil Dhirubhai Ambani Group controlled Reliance Capital (RLCP.BO), may sell a 26 percent stake to Zurich-based re-insurer Swiss Re for at least 7 billion rupees ($154.9 million), the Mint newspaper reports.
* Swatch Group (UHR.VX), the world’s largest watch maker, has signalled interest in Italy’s luxury watchmaker Bulgari (BULG.MI), German magazine Focus reported, citing an interview with the company’s chief executive. Reuters story here.
* Russia’s largest steel company Severstal (CHMF.MM) plans to sell its European activities, including in Italy, if it is offered an adequate price, a top executive told an Italian newspaper. Reuters story here.
* The WSJ writes that China’s government is moving forward with a new system to vet foreign acquisitions of local companies for national-security concerns, as tensions grow with international businesses that feel increasingly unwelcome in a fast-growing market.
* Britain’s Lord Kirkham has called off the £500m auction of DFS, the sofa chain he founded more than 40 years ago. “I am categorically not interested in selling the business. I don’t need the money. I’m loaded,” Kirkham tells the Sunday Times.