acquire

Chinese financial company CITIC has bought a 13 percent stake of aluminium producer Alumina (ASX:AWC) for $452 million.

• China based company Citic, will purchase more than 366 million new Alumina shares.
• Citic is a Chinese government owned investment company.

Airline carrier, Air New Zealand (ASX:AIZ) have bought a stake in Virgin Blue (ASX:VBA) declaring plans to buy up to 14.99% of the company. AIZ have obtained approval from the Australian Foreign Investment Review Board. Neither airline would disclose the exact size of the current stake.

iiNet (IIN), an Australian internet service provider, has agreed to acquire a rival ISP for $40 million. The acquisition will be 100% debt funded. The condition of the purchase will include an expected completion by 30 April 2010 with existing owners to exit.

As a part of its plan to acquire 100 percent ownership of the Fisherman's Landing liquefied natural gas project which is located at Gladstone, the leading Australia base coal seam gas explorer and producer Arrow Energy (AOE) has flagged a $750 million float of the company’s global coal seam gas operation in either Hong Kong or Singapore.