UK oil engineering company Amec Plc has agreed to buy Foster Wheeler for $3.2 billion, paving the way for Amec to expand operations overseas, Bloomberg reported.

Swiss insurer ACE Ltd agreed to buy a 60.9% stake in Thai insurance firm Siam Commercial Samaggi Insurance in a $185 million deal as it joins other insurance in making its presence felt in Southeast Asian insurance markets, Reuters reported.

UBS AG Chief Executive Officer Sergio Ermotti belied rumors that the biggest lender in Switzerland will be spinning off its investment banking business, Bloomberg reported.

Pharma giants Novartis International AG and Merck & Co. Inc. are reportedly negotiating an asset trade of about $5 billion each. Novartis wants to exchange its animal health and human vaccines businesses for Merck's over-the-counter health products unit.

Geneva-based Vitol Group is thinking of making a bid for some of Royal Dutch Shell's downstream operations in Australia, according to sources interviewed by Bloomberg.

World food giant Nestle has sold its US frozen pasta business Joseph's Pasta Co. to private equity firm Brynwood Partners VII. Nestle acquired the Haverhill, Massachusetts pasta marker in 2006.

Commerzbank is anticipating opportunities to expand its wealth management business after Swiss Credit Suisse Group sold its private bank in Germany to Bethmann Bank last month.

In a bid to generate sales outside the country, Switzerland-based dairy company Emmi has signed an agreement to buy half of Mexico-based cheese and fresh product exporter Mexideli for an undisclosed sum.

A Dutch arbitration court on Friday ordered American luxury jewelry retailer Tiffany & Co. to pay Swiss watchmaker Swatch Group $449 million in damages over their failed 20-year joint venture.

Investment bank UBS AG has put up for sale its administrative services arm for employee equity plans to simplify its operations. Corporate Employees Financial Services International will be sold to Montagu Private Equity.