Transocean, GlobalSantaFe in merger deal

NEW YORK (Reuters) - Transocean Inc. , the world's largest offshore driller, said on Monday it would buy GlobalSantaFe Corp. for about $17 billion in a no-premium deal, adding a fleet of shallow-water drilling rigs to its deepwater equipment.

Wall Street opens higher on earnings, M&A

NEW YORK (Reuters) - Stocks rose at the open on Monday, boosted by takeover news and stronger-than-expected earnings in the pharmaceutical sector.

Merck profit jumps, raises forecast

NEW YORK (Reuters) - Merck & Co. said on Monday that quarterly earnings rose 12 percent on strong demand for its newer vaccines and medicines, and raised its 2007 profit forecast, sending its shares up 4 percent.

Cerberus to buy United Rentals for $4 billion

NEW YORK (Reuters) - Equipment rental company United Rentals Inc. said on Monday it had accepted a $4 billion takeover bid from private equity fund Cerberus Capital Management LP.

Halliburton profit rises, tops Street view

HOUSTON (Reuters) - Halliburton Co., , the world's second-largest oil services company, said on Monday that second-quarter profit from continuing operations rose 19 percent, topping Wall Street views, helped by new international contracts.

Barclays lifts ABN offer with China, Singapore help

LONDON/BEIJING (Reuters) - British bank Barclays raised its bid for Dutch group ABN AMRO to 67.5 billion euros ($93 billion) on Monday, helped by some of the biggest ever overseas investments by China and Singapore.

Schering-Plough profit doubles, shares jump

NEW YORK (Reuters) - Schering-Plough Corp. on Monday said quarterly earnings more than doubled on growing demand for its Zetia and Vytorin cholesterol drugs and its treatments for arthritis and allergies, lifting shares 3.5 percent.

Wal-Mart drops prices on more than 16,000 products

NEW YORK (Reuters) - Wal-Mart Stores Inc. said on Monday it will drop prices this week on more than 16,000 products across its stores as the world's largest retailer tries to reinvigorate sales for the back-to-school shopping season.

Hasbro profit beats views on Transformers demand

NEW YORK (Reuters) - Hasbro Inc. , the world's second-largest toy maker, posted a better-than-expected second-quarter profit on Monday, helped by strong demand for movie-related toys such as Transformers and Spider-Man.

Oil slips towards $77, market eyes funds

LONDON (Reuters) - Oil edged lower towards $77 a barrel on Monday, with the market keenly watching the actions of funds after OPEC expressed concern over near record prices and pledged to pump more crude if needed.