Youku and Tudou Merge as One and 2 Morning Hot Stocks Trading Today
Shareholders of Youku (NYSE:YOKU) and Tudou (NASDAQ:TUDO) approve a merger between the two companies that would further increase the lead Youku had over competitors Baidu (NASDAQ:BIDU) and Tencent. The all-stock merger between the top two video Web sites in China would create a company with over 300 million users and yield savings of over $60 million annually.
McCormick (NYSE:MKC) pays approximately $141 million to acquire Chinese spices firm Wuhan Asia-Pacific Condiments. The move will enable McCormick to expand the distribution of its bouillon products into China’s interiors.
CME Group (NASDAQ:CME) confirms it is planning to apply to the U.K.’s Financial Services Authority to set up a London-based derivatives exchange. With 20 percent of its volumes coming from Europe, CME will commence forex futures trading by 2013, pending receipt of regulatory approvals for its investment exchange.
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