Deals
Renren Jumps on Report Baidu in Talks to Buy Nuomi Unit
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Renren Inc., owner of a Chinese social networking website, jumped to a 13-month high after Sohu.com Inc.’s technology news outlet said the social media platform is in talks to sell its group-buying unit to Baidu Inc.
Renren’s American depositary shares soared 7.1 percent to $4.25 at 11:55 a.m. in New York, set for the highest level since July 2012. Trading volume was more than twice the daily average over the past three months, data compiled by Bloomberg showed.