Europe's largest primary insurer by market capitalization swung to a net profit, reflecting Allianz's improved earnings power following the sale of troubled Dresdner Bank.

Kraft is expected to officially launch a hostile bid for Cadbury, setting in motion a tussle for control of the British confectionary firm.

Commonwealth Bank of Australia reported a strong bounce in first-quarter earnings and that charges for bad loans have probably peaked.

U.S. money-management firm Affiliated Managers Group, gaining a toehold in the fast-growing Chinese market, acquired a 5% stake in Value Partners Group for about $36 million.