Petra Diamonds has announced that it has entered into an agreement to acquire the Finsch diamond mine in South Africa from De Beers.

Finsch is one of the world’s major diamond mines and South Africa’s second largest diamond mine by production. Petra said its acquisition marked a continuation of the company’s strategy to build a world-class diamond mining group.

Finsch will become Petra’s second major mine producing over one million carats per annum (mctpa), and will become its eighth producing diamond mine.

Perrigo Company announced today that it has signed a definitive agreement to acquire substantially all of the assets of Paddock Laboratories, Inc., a privately-held, Minneapolis-based manufacturer and marketer of generic pharmaceutical products, for approximately $540 million in cash.

Spain’s biggest power utility, Iberdrola, is set to acquire Brazil’s Elektro for €2.4 billion in a move designed to expand its presence in growing markets.

The purchase of Elektro, a distribution company which serves 2.2 million clients in Sao Paulo state, will turn Iberdrola into one of the leading operators in Brazil’s electricity sector. It will also complement the company’s existing presence in north-eastern Brazil.

The global market for coatings is forecast to reach almost $100 billion by 2015, according to research by Global Industry Analysts, Inc. (GIA).

The new GIA report, Coatings: A Global Strategic Business Report, predicts that the market will expand to $98.69 billion in the next five years, led by rapid industrialization, economic activity and vibrant demand from automotive and construction sectors in developing countries.

Honeywell announced today that it would turbocharge the new Chevrolet Sonic unveiled this week at the 2011 North American International Auto Show in Detroit.

The Sonic launch expands the number of new smaller, turbocharged gas engines introduced into the US auto market to boost fuel economy without sacrificing performance.

Meggitt, the UK engineering group, has announced it is to buy US-based Pacific Scientific Aerospace (PSA) in a deal worth $685 million (£428 million).

Dorset-based Meggitt, which makes engine-monitoring systems for Airbus and Boeing planes, said the acquisition would add fire and smoke suppression to its existing product portfolio, creating an integrated fire and smoke detection and suppression capability increasingly being demanded by its customers.

Walmart’s expansion into Africa has taken a step forward with the news that shareholders in South African wholesale firm Massmart have voted to accept the retail giant's bid for a 51 percent stake in the company.

The $2.5 billion dollar (€1.87 billion euro) offer was approved by over 97 percent of the South African company's shareholders, Massmart said in a statement.

Algeria’s state-run energy company, Sonatrach, plans to invest around $60 billion in boosting the country’s hydrocarbon production, according to the news agency APS.

The money will be invested over the next five years, APS said, citing the country’s energy minister Youcef Yousfi.

Around 57 per cent of the allocated funding will be spent on exploration and production activities, designed to increase the country's reserves and optimize its exploitation of its hydrocarbon deposits.

Azure Dynamics Corporation, the Michigan-based developer and producer of hybrid electric and electric components and powertrain systems for commercial vehicles, today announced a record 600 unit order from Purolator. 

Purolator of Mississauga, Ontario is Canada's largest courier company. The order is the single largest order of hybrid electric technology for Azure Dynamics. 200 units will be delivered in 2011 with an additional 200 units scheduled in both 2012 and 2013, subject to annual authorizations by Purolator.    

The UK and Cuba have formed a joint venture to build biomass power plants adjacent to sugar mills, it has been announced.

The agreement marks one of the largest renewable energy partnerships between the two nations.

Havana Energy, a UK group chaired by former UK energy minister Brian Wilson, will form a joint venture with Zerus, a state-owned company within Cuba’s Ministry of Sugar, to build up to five power plants fuelled by bagasse, the fibre that remains after sugar cane processing.