Lomas & Nettleton Financial Corp. and Hunt Financial Corp., both of Dallas, announced that Lomas & Nettleton will acquire Union Life Insurance of Little Rock, Ark., a Hunt subsidiary, for $52.5 million in cash . . . Giant Markets Inc. of Scranton, Pa., filed a class-action suit against Beech-Nut Nutrition Corp., seeking more than $10 million in damages for the baby food company's alleged sale of phony apple juice . . . The Chinese government has given Pepsico and a Hong Kong business the go-ahead for building a third soft-drink bottling plant in China.