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GE in $4.8 billion aerospace deal

General Electric buys the aerospace division of Britain's Smiths Group as part of its strategy into fast growth hi-tech markets.

US communications technology firm Arris bids for Tandberg TV; Positive court ruling for debt-ridden Eurotunnel; Marks and Spencer goes green, European markets stronger; Oil prices recover in anticipation of OPEC moves. Matt Cowan reports for Reuters.

Business Update. I'm Matt Cowan in London.

Trans-Atlantic deals dominate the business news at the start of the week.

General Electric continues to pursue fast growing hi-tech markets with a deal to buy the aerospace business of Britain's Smiths Group for 4.8 billion dollars in cash. GE's move takes advantage of ongoing U.S. military spending as well as strong new plane orders.

Smiths shares jumped on the news, while the two companies also announced a tie up of their security and detection businesses.

Another share price surge, this time for Tandberg Television, after US communications technology firm Arris made a 1.2 billion dollar bid in cash and shares for the Norwegian digital broadcast systems maker.

If successful, the move would create a market leader for voice, data and video systems by combining Arris's broadband network with Tandberg TV's digital video, compression and interactive TV technology.

And It's light at the end of Eurotunnel after the Paris Commercial Court approved a debt reduction plan which means the struggling company can now go ahead with its restructuring plan. Eurotunnel, which operates the undersea cross Channel Tunnel, now has 36 months in which to restructure. A new Groupe Eurotunnel will make a share swap offer for the current UK and French shares, which are expected to resume trading in the second half of February.

And British retailer Marks and Spencer announces a 200 million pound plan to go green - including becoming carbon neutral by 2012, selling polyester clothing made from recycled plastic bottles, and trialling the use of food waste to power its stores.

Merger and acquisition activity helped propel European markets higher, with gains in oil, mining and financial shares. But volumes were light with US markets closed on Monday for a holiday to mark Martin Luther King Day.

In the oil markets, prices recovered a bit from 19 month lows reached late last week, as investors anticipate moves from OPEC to lower supply in a bid to support prices.

That's Business Update. I'm Matt Cowan in London.