USA and Canada

Coca-Cola Enterprises (CCE) has today given formal approval to a deal with the Coca-Cola Company to sell back its North American bottling operations.

Since the formation of CCE in 1986, the North American bottling operations and the soft drinks business have been separate entities.

The US economy grew marginally faster in the second quarter than previously expected, according to figures released today by the Commerce Department, but the pace of growth is still painfully slow.

Gross domestic product, the broadest measure of economic activity, was upwardly revised to an annual growth rate of 1.7 percent in the three months ending in June.

Southwest Airlines is to acquire AirTran Holdings, Inc., the parent company of AirTran Airways, for $1.4 billion in a combination of cash and shares.

Each share of AirTran common stock will be exchanged for $3.75 in cash and 0.321 shares of Southwest Airlines' common stock, subject to certain adjustments. Including the existing AirTran net indebtedness and capitalized aircraft operating leases, the transaction value is approximately $3.4 billion.

Anglo-Dutch consumer goods group Unilever has agreed to buy US-based hair care group Alberto Culver Co. for $3.7 billion in cash to boost its personal care business.

The acquisition will bring brands including V05, TRESemmé and Nexxus, making Unilever the world leader in hair conditioning, the second largest in shampoo, and the third largest in styling.

The global research and advisory firm Cleantech Group has released its 2010 US Smart Grid Vendor Ecosystem Report, which explores the key market dynamics shaping the emerging smart grid landscape.

Commissioned and funded by the Department of Energy, the study highlights $2.75 billion in annual product sales in three key smart grid categories: advanced metering infrastructure (AMI), demand response, and distribution grid management.

DuPont is to form a joint venture with Dutch life sciences and materials sciences company Royal DSM to develop, manufacture and commercialize advanced surgical biomedical materials.

DuPont and DSM will each own a 50 percent interest in the venture, to be called Actamax Surgical Materials LLC.

The Clorox Company is to sell its global auto care business, including the brands Armor All and STP, to a private equity firm for $780 million.

Avista Capital Partners, with offices in New York and Houston and holdings in energy, health and media, will acquire two auto care manufacturing facilities from Clorox, one in Painesville, Ohio with 70 employees, and one in Wales, in the UK, with 24. All employees will transfer to the buyer.

10. Wall Street 2

Money Never Sleepsopens this week. Everyone is excited about the sequel to Oliver Stone's 1987 Oscar-winning masterpiece and, unless you are a Chicago Cubs fan who has gone into hiding as they are once again eliminated from the possibility of a World Series appearance, you have probably seen a few of the movie's promos.

Canadian Prime Minister Stephen Harper has entered the battle for ownership of Potash Corporation of Saskatchewan, the world's largest producer of potassium carbonate, used as fertilizer all over the world.

Anglo-Australian mining giant BHP Billiton has launched a hostile takeover bid to acquire Potash Corp for $39 billion, but Harper warned yesterday that his government could block a takeover if it was not a "net benefit" to Canada.

The stockholders of Continental Airlines and United Airlines have voted overwhelmingly in favor of the companies’ planned merger to create the world’s largest carrier.

At a special meeting of Continental stockholders in Houston Friday, over 98 percent of the votes cast and 75 percent of shares outstanding were voted in favor of the transaction.

At a similar meeting of United stockholders in Chicago, more than 98 percent of the votes cast and 84 percent of the shares outstanding were voted in favor.