News Summary

Shares of Visa Inc

dropped about 0.5% after the company announced its plans to acquire South Africa's Fundamo, a leading platform provider of mobile financial services, for around $110 million in cash. It also signed a long-term agreement with Monitise plc

. The transaction is likely to close today. Visa also signed a long-term accord with the UK's Monitise, a leading provider of mobile money solutions for financial institutions in more developed geographies, to expand delivery of mobile financial services to banked Visa account holders in conjunction with Visa's financial institution partners. Mitsui & Co Ltd

agreed to buy a 9% stake in shale gas fields in Poland from Marathon Oil Corporation

. The company did not comment on financial terms of the deal. Marathon Oil will lower its stake to 51%. In April, MRO announced that Canadian producer Nexen Inc

would buy a 40% working interest in the concessions. The closing of the deal is contingent on approval by Poland's government. Shares of J.M. Smucker Co

surged about 3% after the company reported better-than-expected fourth-quarter results on Thursday. Smucker reported its quarterly profit at $94.9 million, or $0.82 per share, versus $120.6 million, or $1.01 per share, in the year-ago period. Excluding one-time items, Smucker's earnings came in at $1.00 per share. Its sales surged 11% to $1.19 billion. However, analysts were expecting earnings of $0.99 per share on revenue of $1.17 billion. Smucker projects FY12 adjusted earnings in the range of $5 to $5.15 per share, versus analysts' estimates of $5.11 per share. Schneider Electric SA

reported that it purchased China's Leader Harvest Power Technologies. The company didn't provide financial details of the deal. Read more