Joy Global (NASDAQ:JOYG) plans to sell its LeTourneau drilling operation to Cameron International (NYSE:CAM) for $375 million. JOYG is currently in the process of buying China’s International Mining Machinery Holdings.
Yesterday Exxon Mobil (NYSE:XOM) announced an agreement with Russia’s state oil company, Rosneft, to explore for oil in a Russian portion of the Arctic Ocean. Earlier this year, BP (NYSE:BP) reached a similar deal with Rosneft that fell through when BP’s other Russian partners objected.
Toshiba, Hitachi (NYSE:HIT), and Sony (NYSE:SNE) announced a joint venture for small-size LCDs. The new business will be supported by a Japanese (NYSE:EWJ) government-backed fund that will invest 200 billion yen for a 70% stake. The joint venture will capture more than 20% of global market share.
AOL (NYSE:AOL) has been meeting with bankers in recent days to discuss the media companies options as its stock price continues to fall. One such option may be taking the company private, with early discussions focusing on an attractive price that would get AOL’s management to consider such a transaction.
CNN (NYSE:TWX) has acquired Zite, a company that markets an iPad app that learns what its users want to read and view, for an undisclosed amount, though reports put the sale price at around $20 million to $25 million. CNN says it will keep Zite as a stand-alone business, but would use its softwrae for CNN.com and other parts of its digital business.
eBay (NASDAQ:EBAY) expects sales from greater China (NYSE:FXI) to grow 30% to 40% on an annual basis, with 2010 sales coming in at around $4 billion, and is seeking acquisition opportunities that will aid its expansion in the fast-growing market. China has a total of 470 million internet users.
Focusing his attentions on Clorox (NYSE:CLX), Carl Icahn is ending his battle over control of Lions Gate Entertainment (NYSE:LGF), agreeing Tuesday to sell off his entire stake in the movie studio. Icahn first sought to buy Lions Gate in March 2010 when his proposal to increase his stake to 30% was rebuffed.