Tuesday Papers: Unilever to buy Alberto Culver for $3.7bn - tips, comment and bids

Financial Times

* Unilever is to buy Alberto Culver, the US consumer products group, in a $3.7 billion deal.

* Walmart, the largest retailer by sales, has opened a front in the battle with rivals by making an offer of R32 billion ($4.6 billion) to buy Massmart, South Africa’s third-largest retailer with 290 stores.

* Southwest Airlines is to acquire rival AirTran, the Florida-based low-cost airline, for $1.4 billion in a deal that joins two of the biggest discount airlines in the US.

* The European Central Bank has warned eurozone governments that it will sound the alarm if they fail to agree reforms to Europe’s monetary union that are tough enough to prevent a future Greece-style crisis.

* AIG will keep a minimum stake of 30% in AIA for at least a year after its Asian businesses are listed in Hong Kong next month.

* Alliance Trust, the UK’s largest listed investment trust, has sold some off £140 million of its investments in UK shares to fund expansion into better-performing emerging market equities.

* 3i has acquired the debt investment business of Japan’s Mizuho bank.

* Swiss Re has agreed a deal to take control of UBF Seguros, a Brazilian insurer, as part of the reinsurer’s efforts to ramp up its activities in the country.

The Lex Column

* Walmart / Massmart - South African consumers, shareholders and workforce will welcome group’s embrace.

* Southwest / AirTran - Remarkably, an airline combination that makes sense for both sides.