Boston, MA 02/12/2014 (wallstreetpr) – Citigroup Inc (NYSE:C) is reportedly working with Bright Food on the acquisition of Tnuva, an Israeli food manufacturer and distributor. The deal to acquire Tnuva Food Industries could hit $2.6 billion according to a person with familiar knowledge. Currently Bright Food is undertaking due diligence on Tnuva, Bright Food is a Chinese company backed by the Shanghai government. It is among the Chinese companies that have been looking to overseas opportunities through business acquisition. The rising incomes among consumers has spurred demand for consumers good, much more food and this is inviting companies with global interest to put their investment money to work. Citigroup Inc (NYSE:C) is among the investment banks that Bright Food turns to when making overseas investments. Last year Bright Food acquired 60 percent stake in Weetabix for $1.2 billion.
General Motors Company (NYSE:GM) is expanding. The company now plans to invest 250 million euros in production of diesel engines at its existing plant in Tychy, a Polish city. GM Europe deputy head Peter Thom reveal Tuesday. The said diesel engine production will feature 1.6-litre diesel engines for cars manufactured by the group. The said engine production is expected to start in 2017 and output of 200,000 engine units is being estimated per year.
Boardwalk Pipeline Partners, LP (NYSE:BWP) touched a new 52-week low during intraday trading Tuesday after it reported unpopular earnings in the latest quarter release. However, things corrected in the course of the day and the stock managed to attain a gain of 3.23 percent to hit $13.43 per share. BWP reported earning 8 cents per share, falling far below consensus estimate of 31 cents by 23 cents. The revenue came in at $312.90 million, against the estimated $323.28 million. The latest earnings per share were a far cry from last year’s performance whereby Boardwalk Pipeline Partners, LP (NYSE:BWP) realized 38 cents per share. Also, revenue in the latest reported quarter was down 3.9 percent compared to the same quarter a year ago.
