Canada's Northern Telecom and Britain's United Utilities set up a joint venture called Nor.

ECONOMIST: Trading up

For all of Italy's sclerosis, it is a telecom battleground, with Britain's Vodafone (nyse: VOD - news - people ) and a venture owned by Hong Kong titan Li Ka-shing among the participants.

FORBES: The Forbes Global 2000

In the past year, for example, Pernod Ricard struck a big deal to buy Britain's Allied Domecq, and France Telecom bought Spain's Amena.

ECONOMIST: Closing the borders to business | The