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* Medtronic Inc. shares rose 12% after the Minneapolis-based maker of heart devices won U.S. regulatory approval for a defibrillator that will help it catch up with rival Guidant Corp. The world’s biggest maker of devices used to regulate the rhythm of the heart said the Food and Drug Administration approved its Gem DR dual-chamber defibrillator. Previously, Medtronic was approved to sell only single-chamber defibrillators in the U.S. Shares rose $6.06 to close at $57 on the NYSE. [More on Medtronic in STOCK EXCHANGE, C7]

* Teleglobe Inc., Canada’s largest international long-distance company, won approval from the Securities and Exchange Commission to buy Dallas-based Excel Communications Inc. for $3.91 billion to create the fourth-largest carrier in North America.

* IBM Corp. and RealNetworks Inc. announced a venture to integrate audio and video into e-mail and other Internet software, as IBM tries to gain an edge on Microsoft Corp. The companies will combine IBM’s Lotus Notes and Domino products--software that allows people in different locations to work together on projects and conduct meetings--with RealNetworks’ audio and video technology. Microsoft holds a minority stake in RealNetworks.

* Continental Airlines Inc. reached tentative agreement with the Teamsters union on a four-year contract for its 2,900 mechanics. The carrier said the accord will improve wages and work rules for all employees in Continental’s technical operations area.

* Privately held Internet research firm Media Metrix Inc. said it will merge with rival RelevantKnowledge Inc. in a stock transaction. Terms were not disclosed. The new company will retain the Media Metrix name.