IN BRIEF

Alibaba seeks Temasek funds

Alibaba Group Holding Ltd is in talks with Singapore's Temasek Holdings for funds to buy out its 40 percent stake from Yahoo! Inc, according to sources familiar with the matter.

Temasek may help fund an offer in return for a bigger share of privately owned Alibaba Group, said the sources.

Tencent launches English weibo

Internet service provider Tencent Holdings Ltd has launched an English version of its microblog service or weibo, dubbed China's Twitter, in a move to meet the social networking needs of English-speaking users.

The English version of Tencent Weibo is the first of its kind in China, and has all the basic functions of posting, topic discussions, private messaging, photo and video uploading and online chatting.

The number of Weibo users has been expanding rapidly in China with the number increasing 208.9 percent to 195 million in the first half of this year from the same period last year.

Auto

Geely denies Saab interest

Zhejiang Geely Holding Group Co Ltd, which owns the Volvo car brand, said it has no plans to seek ownership of struggling Swedish car maker Saab AB, denying an earlier newspaper report.

Saab has scarcely produced a car for six months and is in desperate need of money under a court-backed restructuring under creditor protection legislation.

The newspaper report said Geely had approached Saab's court-appointed administrator for buying the brand.

Chery seeks regulatory nod for JV

Domestic car maker Chery Automobile Co Ltd and Jaguar Land Rover are seeking regulatory approval to set up a joint venture in China, the China Business News said on Oct 10.

The two companies have basically finished discussions for a manufacturing tie-up, the newspaper cited an unnamed source as saying.

Daimler, Foton venture cleared

German automaker Daimler AG has received final approval from China's Ministry of Commerce to establish a 50-50 joint venture with Chinese commercial vehicle maker Beiqi Foton Motor Co Ltd.

The new venture, Beijing Foton Daimler Automotive Co Ltd, is expected to have an annual production capacity of 100,000 medium- and heavy-duty trucks under Foton's Auman brand. It will also make 45,000 Daimler diesel engines every year.

Food

Bright Food gets financing

As many as four banks may have backed the $315 million three-year loan to support Bright Food (Group) Co Ltd's plan to acquire a controlling stake in Manassen Foods Australia Pty Ltd.

The State-owned Bright Food agreed to buy a 75 percent stake in Manassen Foods in August for more than A$500 million ($515 million, 265 million euros).

Other potential lenders are still looking at the deal. ANZ and National Australia Bank are the recognized arrangers of the deal.

Aviation

Minsheng orders Embraer jets

Brazil's Embraer SA, the world's third-largest commercial plane maker, has signed a deal to provide 13 Legacy 650 executive jets to China's Minsheng Financial Leasing Co Ltd.

The order is worth about $393 million based on list prices. The first aircraft is scheduled to be delivered by the end of this year.

Medical

AstraZeneca plans new unit in China

Drug major AstraZeneca Plc is investing $200 million for a new manufacturing facility in China to cater to growing demand for its products, especially from rural areas.

Construction work on the project, in the China Medical City in Taizhou of East China's Jiangsu province, is scheduled for completion by the end of 2013, creating approximately 600 jobs.

This will be London-based AstraZeneca's largest single investment in a manufacturing facility globally. The new plant will produce intravenous and oral solid products, the company said.

Chemicals

Honeywell, Sinochem ink deal

Honeywell International Inc has signed an agreement with Sinochem Group to form a joint venture in China to produce and sell blowing agents for energy-efficient foam insulation.

The plant will produce a non-ozone-depleting blowing agent used in insulation for appliances, construction, transportation and other applications.

"The joint venture with Sinochem will help meet the growing demand for this material," said Andreas Kramvis, president and CEO of Honeywell Specialty Materials.

Resources

Sinopec acquires Canada's Daylight

Oil refiner China Petrochemical Corp, also known as Sinpoec, is buying Daylight Energy Ltd for C$2.2 billion (1.57 billion euros, $2.1 billion) in cash, gaining Canadian oil and shale-gas reserves in its largest acquisition this year

The takeover would give the Beijing-based company access to more than 300,000 acres of land in areas rich with oil and natural gas, adding to its expansion outside Asia after falling crude prices made valuations attractive.

China Daily-Agencies