Zurich Financial Services, on Tuesday, said that it has being transferring bulk of its general insurance portfolios in Italy, Spain and Portugal to its Ireland unit in order to rationalize its European Union business. The transfer will help in simplifying the legal structure of the company as well as in improving the capital management.

In a statement, the Swiss-based Corporation said that the carry-over of the insurance portfolios is effective as on January 1.

Shilpa Medicare Limited has signed a MoU to form a joint venture company to manufacture drugs and pharmaceuticals with ICE S. r. l. and PCA S. p. a of Italy.

The joint venture company will be called as Raichem Medicare (P) Limited.

It should be noted that Shilpa Medicare Limited and ICE S. r. l. are working together for the last seven years for custom synthesis under confidentiality agreement, and the success of this led into formation of joint venture.

Royal Philips Electronics, Europe's biggest consumer electronics group, has entered into a binding agreement to acquire Italian espresso machine maker Saeco International Group SpA,

However, successful completion of this transaction is, amongst others, subject to Philips reaching a final agreement with Saeco's banks with which the company has outstanding credit obligations.