Tencent Holdings Ltd. said on Monday that it has bought a minority stake in China’s third largest search engine by traffic, Sogou for $448 million. Sogou search engine is owned by Sohu.com Inc. (NASDAQ: SOHU). The deal underpins that how large Chinese internet companies are aggressively expanding their product offerings amid intensifying competition. The deal will give Tencent a 36.5% stake in Sogou. According to research firm, CNZZ, Tencent’s aim was to prevent other big internet companies such as Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) and Baidu Inc (NASDAQ: BIDU) from getting their hands on the search engine.
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Major Gainers and Losers in Late Trading on August 6; Tyson Foods Inc. (TSN), Sohu.com Inc. (SOHU), HCA Holdings Inc. (HCA)
Shares of Tyson Foods Inc. (NYSE: TSN), producer, distributor and marketer of chicken, beef, pork, prepared foods and related allied products, are down sharply today.