DealZone

Deals wrap: Capital One beefs up credit card portfolio

August 9, 2011

HSBC is nearing a deal to sell its $30 billion-plus U.S. credit card business to Capital One, sources familiar with the situation said.

Investors who bet big money on the outcome of merger and acquisition deals are scurrying as a plunging stock market jeopardizes many transactions.

Even hedge fund superstars who outsmarted the housing collapse and battered financial sector might soon be telling their investors that they suffered double-digit losses during the last few days, managers and investors forecast.

“Nestle, the Swiss company said to be preparing a bid for Pfizer’s baby-food unit, may aim to regain momentum in China’s infant formula market by acquiring the maker of SMA Gold,” reports Bloomberg.

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