deal news

Citi today announced that it has signed a definitive agreement to sell its Diners Club North America card business to BMO Financial Group (BMO). The deal gives BMO exclusive rights to issue Diners cards in the U.S. and Canada.

LG Electronics, a leading provider of business solutions, today announced that it has reached an agreement with the Volkswagen Group of Wolfsburg, Germany to become one of the leading suppliers of car audio systems for three of Volkswagen’s automobile brands starting in 2012.

Earache Records and EMI Music are very pleased to announce the completion of a distribution deal that will see EMI Label Services handle Earache’s releases in Finland, Norway, Denmark and Greece.

General Motors Corp. and its Shanghai General Motors joint venture today signed a multi-year agreement worth more than $800 million to export U.S.-built Buick Enclave premium crossover sport utility vehicles along with other vehicles and components to China beginning in 2008.

Sprint Nextel (NYSE: S) and Clearwire (NASDAQ: CLWR) plan to jointly construct the first nationwide mobile broadband network using WiMAX technology, and promote the global development of WiMAX-based services.

Rolls-Royce, a world-leading provider of power systems and services for use on land, at sea and in the air, has won its largest ever offshore marine order, worth £ 83 million.

Cisco and Nokia Siemens Networks entered into an agreement to develop a standards-based telecommunications network management platform that will help service providers manage the increasing complexity of their networks and speed time to market of new services.

Nokia has signed a strategic partnership agreement with China Postel Mobile Communication Equipment Co., Ltd. (China Postel) of China P&T Appliances - bolstering the strong existing relationship between the two companies. China Postel is expected to purchase mobile devices from Nokia to the value of approximately USD 2.5 billion in 2007.

Update 1: WSJ reports Saturday that the deal is down. Microsoft Corporation, a multinational computer technology corporation asked Yahoo! Inc., a global Internet services company, to re-enter formal negotiations for an acquisition that could be worth $50 billion, the New York Post reported on Friday.

Dyne Techservices Inc., a Silicon Valley Software Services company (a wholly owned subsidiary of Paradyne Infotech Limited) has signed a stock purchase agreement with Links Group International Inc. to acquire 100% stake in LGI Inc.

AB Volvo's Board of Directors has decided to make a public offer to acquire the Japanese truck manufacturer Nissan Diesel.

Sun Microsystems Inc. and Intel Corp. are close to an agreement where Sun would buy Intel chips to use in its server systems, the Wall Street Journal reported in its online edition on Sunday.

General Electric Company said on Thursday it will buy the in-vitro diagnostics unit and its Point-of-Care diagnostics unit from Abbott Laboratories Inc. GE would buy the two units for $8.1 billion cash.

Bay Inc. has agreed to buy sports ticket reseller StubHub Inc. for $310 million (€238.7 million) in cash, further expanding the Internet auctioneer's electronic bazaar. Both companies confirmed Wednesday that the deal was imminent.

Zuckerberg, founder of the Facebook social networking website, has told Yahoo!, the internet giant, that $1 billion is not enough to sell out. Now leaked documents suggest that Yahoo! was willing to raise its bid to $1.6 billion.