Photocopier giant Xerox has announced it is acquiring US firm Affiliated Computer Services (ACS) for $6.4 billion.  The deal will provide Xerox with data management and technology outsourcing capabilities, allowing it to gain a foothold in the rapidly expanding business process outsourcing (BPO) market.  Norwalk, Connecticut-based Xerox is the worldÔÇÖs biggest supplier of digital printer and document management services.

China is seeking to greatly expand its African oil reserves by bidding for a sixth of Nigeria's crude reserves, according to a report in the Financial Times (FT).

Abbott Laboratories has acquired the drugs unit of Belgian drugs, chemicals and plastics maker Solvay for $6.5 billion, it announced today. In addition to the purchase price of $6.5 billion, Illinois-based Abbott will also pay up to another $440 million in contingent payments between 2011 and 2013, depending on the performance of certain products.  The deal will add more than $3 billion to AbbottÔÇÖs annual sales, most of which will come from overseas.

Belgian pharmaceuticals, chemicals and plastics maker Solvay is selling its pharmaceuticals unit to US partner Abbott Laboratories for Ôé¼4.5 billion, it announced today.

Ford Motor Co has announced it will spend $490 million on a new, state-of-the-art manufacturing plant in China.  The plant, in south-western Chongqing, will be run through Changan Ford Mazda Automobile (CFMA), the companyÔÇÖs joint venture with Chongqing Automobile Co and Japan's Mazda Motor Corp. Due to open in 2012, the one million square meter plant will produce the compact Ford Focus, with initial capacity for 150,000 vehicles a year.

ING will sell its 51 per cent stake in its wealth management joint venture to partner Australia and New Zealand Banking Group (ANZ), it was announced today.

Profits at Minneapolis-based General Mills have soared by 51 percent in the first quarter, it was announced today. For the quarter ending August 30, General Mills posted profits of $420 million, up from $278 million a year before. Sales at its US retail business rose 5.8 percent and profit by 21 percent. The higher than expected profits were helped by strong sales of breakfast cereals in the US and a decline in wheat prices.

RussiaÔÇÖs Gazprom has completed the $1.6 billion purchase of 51 per cent of SeverEnergia from Italian firms Eni and Enel.

The European Commission has approved the $13.5 billion takeover of BarclaysÔÇÖ investment arm by New York-based asset management firm BlackRock. Barclays shareholders backed the sale of Barclays Global Investors in June, as the London, UK-based banking giant sought to improve its balance sheet without taking aid from the UK government.

The European Commission has approved the $13.5 billion takeover of BarclaysÔÇÖ investment arm by US asset management firm BlackRock.