Johnson & Johnson (J&J), the world's biggest healthcare company, has invested $1.5 billion (Ôé¼1 billion) in Dublin, Ireland-based biopharmaceutical company Elan. J&J, whose headquarters are in New Jersey, USA, will take over ElanÔÇÖs 50 per cent stake in its Alzheimer's immunotherapy research partnership, or AIP Program, that it currently runs with pharmaceutical firm Wyeth, also based in New Jersey. J&J will set up a new company 49.9 per cent owned by Elan, with J&J gaining all rights to any medicines approved and Elan receiving 49.9 per cent of the

Repsol, SpainÔÇÖs biggest oil producer, has received offers for its Argentine unit from two of ChinaÔÇÖs biggest oil groups.┬á  The Spanish company is considering the sale of YPF, the Argentine company that accounts for two-thirds of its total oil production, in which it has a 75 per cent stake.┬á CPNC, ChinaÔÇÖs biggest oil company by capacity, is reported to be interested in up to 75 per cent of YPF, while rival CNOOC may be interested in a minority stake and a $15 billion joint venture.┬á RepsolÔÇÖs full stake in YPF would be worth around $17 billion (┬ú10.4 billion).

NewYork-based Philip Morris International, the worldÔÇÖs largest publicly traded cigarette maker, has agreed to buy Swedish Match South Africa (SMSA) for R1.75 billion ($224 million), which will make it the biggest seller of pipe tobacco in the South African┬ámarket. ┬á  SMSA has a strong presence in the OTP (other tobacco products) market in South Africa and is market leader for its pipe tobacco, which includes the well-known Boxer and Best Blend brands.

NewYork-based Philip Morris International, the worldÔÇÖs largest publicly traded cigarette maker, has agreed to buy Swedish Match South Africa (SMSA) for R1.75 billion ($224 million), which will make it the biggest seller of pipe tobacco in the South African market. ┬á  SMSA has a strong presence in the OTP (other tobacco products) market in South Africa and is market leader for its pipe tobacco, which includes the well-known Boxer and Best Blend brands.

Mining giant Rio Tinto has confirmed strong take-up from its shareholders in a sale of London-listed shares, in which 97 per cent were sold.  The company issued shares on both the London and Australian stock exchanges in a $15.2 billion sale to reduce debt.

Wisconsin-based vehicle manufacturer Oshkosh Corporation has fought off stiff competition to win a contract to build new all-terrain vehicles for ground forces in Afghanistan, it has been announced.

Gold fever
Dan Bailey discovers a raised temperature, if not exactly a raging fever, associated with a new gold exploration program in South Africa.
The lure of gold has always led men to take chances. In the 1840s and 1850s, countless individuals uprooted themselves and travelled half the world for the gold fields of America and Australia. These days there is still an element of risk involved; the difference being that the risks are financial, investing huge sums in companies that might just hit the mother lode.

Buckets of determination
The VR in VR Group stands for John Van Reenen, and in many ways the company reflects the manÔÇöresilient, single-minded and, in a word, entrepreneurial. John OÔÇÖHanlon talks to him about building a global business.

A new cast of players
After years of being on the outside of economic activity, the South African government is trying to encourage black South Africans to play a more entrepreneurial role in the development of the mining industry, as Alan Swaby learns.