US: Walmart has acquired social networking company Kosmix for an undisclosed sum in a major bid to grow its online and mobile shopping businesses. Kosmix has developed a platform that filters and organises content in social networks to connect people with "real-time information that matters to them."

Consumer products giant Kimberly-Clark has blamed rising commodity prices for its dampened first-quarter sales. First-quarter net sales increased 4% to US$5bn (£3.04bn) while organic sales, which exclude the impact of foreign currency rate changes, rose more than 2%, driven by increased sales volumes. Overall performance was hit by declines in Venezuela and continued "soft demand" in North America.

FRANCE: Privately owned French dairy group Lactalis has launched a 3.4bn (£3bn) takeover bid for the remaining stake in Parmalat, its Italian rival. Lactalis said it would pay £2.31 (2.60) a share and keep the Parma-based company listed on the Milan Stock Exchange. Lactalis is currently the largest shareholder of Parmalat following its acquisition of a 29% stake from a trio of foreign activist funds last month.

MALAYSIA: Nestlé is injecting CHF35m (£24m) into the construction of a new breakfast cereals factory in Malaysia over the next two years. It is the third centre for Cereal Partners Worldwide, a joint venture between Nestlé and General Mills.

The factory due to begin production in 2012 will make Nestlé breakfast cereal brands Koko Krunch, Honey Stars, Cookie Crisp, Koko Krunch Duo and Milo for consumers in Malaysia and for export to Singapore, Indonesia and Thailand.

ANGOLA: Portuguese group Sonae and Angolan company Condis have signed a strategic partnership agreement to build a network of hypermarkets in Angola under the Continente brand. The joint venture will be 51%-owned by Condis and 49%-owned by Sonae, with the latter handling operational management. Modern retail growth in Angola has developed significantly but its share of total food retail is still estimated at less than 10%.