Business news with words approval+deal+purchase. 10 news.

NEUSOFT Group Ltd will acquire its parent through a share swap, which will double the market value of the Shanghai-listed software vendor to 520 million yuan (US$70.27 million), Neusoft said in a statement yesterday. Chinese software firms, which grew most rapidly, need to boost economies of scale to compete internationally, the Ministry of Information Industry said. Neusoft has received approval from regulators, including the China Securities Regulatory Commission, to buy its parent's assets via a share swap of 1 to 3.5, according to the company's statement to the Shanghai Stock Exchange. After the purchase, the firm will be valued at 520 million yuan from 280 million yuan now. "The deal is a milestone in the company's history and it will continue to grow through the resources acquired from the parent firm," said Neusoft's chairman Liu Jiren in a Chinese-language statement.

Harrah's Entertainment Inc. has tentatively cleared the last remaining regulatory hurdle to the largest casino buyout ever. Harrah's said Monday that the National Indian Gaming Commission has approved the company's $17.7 billion purchase by private equity buyers Apollo Management and Texas Pacific Group, pending final commission review. The conditional approval means Harrah's can go forward with the deal, which is expected to close in early 2008. Harrah's and the buyers received the go-ahead for the deal last week from the Nevada Gaming Commission, capping a 10-week campaign to obtain approvals from state gambling regulators in eight states, including Iowa and Missouri. Indian Gaming Commission approval is needed because Harrah's operates several tribal casinos as well. Harrah's used to manage a casino north of Topeka before the Prairie Band Potawatomi tribe took over operations in July. Harrah's, which had nearly $10 billion in revenue last year, operates more than 50 casinos including Caesars Palace and the Imperial Palace in Las Vegas and Bally's in Atlantic City.

WITH US antitrust clearance for its DoubleClick purchase, Google's focus now turns to European regulators, who are expected to be more critical of the top search engine linking up with a market leader in online advertising. The proposed US$3.1-billion transaction, which is strongly opposed by privacy advocates, cannot be completed without approval from the European Commission, whose review deadline is April 2. The Federal Trade Commission said that the deal would not significantly lessen competition in the online advertising market, rebuffing complaints from Microsoft Corp and AT&T Inc that it would give Google a dominant position. "The FTC's strong support sends a clear message - this acquisition poses no risk to competition and will benefit consumers," Eric Schmidt, Google Inc's chief executive, said. "We hope that the European Commission will soon reach the same conclusion." The European Commission declined to comment on the FTC's decision, spokesman

U.S. regulators cleared Google Inc.'s $3.1-billion US purchase of online ad tracker DoubleClick Inc. on Thursday, a key step in the internet search giant's efforts to add display ads to its online advertising business.

General Motors Corporation and International Truck and Engine Corporation, the principal operating subsidiary of Navistar International Corporation , have entered into a non-binding deal in which Navistar would purchase certain assets and rights for GM's medium-duty truck business, the two companies said Thursday. Navistar would acquire GM's medium-duty truck business, including assets and intellectual property rights to manufacture some GMC and Chevrolet brand vehicles and the purchase of the related service parts business. The deal is expected to close in 2008 subject to completion of due diligence, the negotiation of a definitive purchase agreement, customary regulatory clearance and board approval, the companies said. Upon closing, transition of the business could take several months to conclude, they said.

(Reuters) -- U.S. antitrust authorities have approved mobile telephone maker Nokia's purchase of Chicago-based digital map maker Navteq Corp., the Federal Trade Commission said on Thursday. The approval was announced in a list of deals that have been okayed by antitrust authorities that is put ...

HANAROTELECOM Inc, South Korea's second-biggest provider of broadband Internet, said its top shareholder has agreed to sell its stake to SK Telecom Co, reversing a statement that cast doubt on the US$1.18 billion takeover. The group led by American International Group Inc and Newbridge Capital LLC signed an accord with SK Telecom on December 1, Hanaro said in a statement yesterday, contradicting its December 3 filing that said no deal had been sealed, Bloomberg News reported. The Korea Exchange said it will decide by December 28 whether to suspend trading of Hanaro shares for a day for "unfaithful disclosure." Seoul-based Hanaro would give SK Telecom access to a quarter of online users in a market where nine out of 10 homes have high-speed Internet connections. The purchase, subject to regulatory approval, would also enable SK Telecom to expand into markets such as online television broadcasts and offer products that combine fixed-line and wireless services. "It's

STANDARD Bank Group Ltd, Africa's largest lender, won approval for the sale of a 20-percent stake to Industrial and Commercial Bank of China Ltd for 36.7 billion rand (US$5.4 billion), China's largest overseas purchase. More than 95 percent of Standard Bank's investors voted in favor of selling ICBC new shares at 104.58 rand apiece, Chairman Derek Cooper said after a shareholder meeting in Johannesburg yesterday. Investors also agreed to sell existing shares at 136 rand each, said Vincent Maleka, a lawyer who chaired the meeting. "It's a huge kicker for Standard Bank's international expansion strategy," said Neville Chester, who helps manage the equivalent of US$20 billion including Standard Bank shares at Coronation Fund Managers in Cape Town. "The success of the deal now depends on its implementation." ICBC, the world's largest bank by market value, is paying an average 120.29 rand per share in cash, 14 percent more than Standard Bank's share price on

Antitrust experts predict that Google’s purchase of advertising company DoubleClick for $3.1 billion will be approved by regulators despite vehement opposition from competitors Microsoft and Yahoo, Reuters reported. While Google’s rivals argue that the merger poses antitrust and privacy concerns, experts say advertising remains a big market and Internet advertising is wide open for new entrants. [...]

NEW YORK (MarketWatch) -- OM Group on Monday said it would buy Rockwood's electronics business for $265 million in a deal expected to close by the end of the year. The purchase doesn't include Rockwood's French electronic chemicals business, which is subject to a put option for an additional purchase price of about $50 million. The acquisition is expected to close by the end of 2007 and is subject to regulatory approval. OMG expects the Rockwood transaction, which is subject to standard closing conditions, to add to its 2008 earnings. OM Group said it expects revenue of $2 billion to $4 billion by 2010.