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UPDATE 1-Market Chatter -- Corporate finance press digest

Published 08/17/2009, 02:02 AM
Updated 08/17/2009, 02:06 AM
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BANGALORE, Aug 17 (Reuters) - The following corporate finance-related stories were reported by media on Monday:

* Australian packaging group Amcor Ltd is set to buy Rio Tinto's Alcan packaging unit for A$2.4 billion ($2 billion) and may sell shares to partly finance the deal, Australian media reported on Monday.

* Royal Dutch Shell has made a 1.5 billion pounds ($2.48 billion) approach for Australian coal seam gas producer Arrow Energy, The Sunday Telegraph reported, without citing sources.

* Indian financial services firm Religare Enterprises has submitted a non-indicative bid to buy the Asian private banking assets of Dutch insurance and banking firm ING, the Economic Times said on Monday.

* Toyota Motor Corp is looking to end production at a joint venture factory in California that it had held with General Motors in March 2010, Japan's Asahi Shimbun reported on its website.

* China SCE Property Holdings Ltd, one of the top luxury residential developers in China's Fujian province, aims to list shares in Hong Kong in October, to raise about US$400 million, the Hong Kong Economic Times reported on Monday.

* U.S. banking regulators have asked prospective buyers of struggling Texas bank Guaranty Financial Group to submit bids by Monday, the Financial Times reported, citing people familiar with the matter.

* India-based Quippo Telecom Infrastructure Ltd plans to raise 9 billion rupees ($188 million) by issuing new shares to shareholders and selling shares in the market, the Mint newspaper reported on Monday.

* Raymarine, the British maker of electronic equipment for boats, has received a takeover approach from Garmin, the No. 1 U.S. navigation device maker, The Sunday Times reported, without citing sources.

* German carmakers Porsche and Volkswagen might merge in 2010 instead of 2011, as currently planned, German newspaper Die Welt reported, citing VW's finance chief.

* The deal initialled last week between the United States and Switzerland over UBS will involve the disclosure of around 5,000 holders of secret Swiss accounts, weekly newspaper NZZ am Sonntag said.

* All divisions of insolvent German tourism and retail group Arcandor are capable of remaining in business and do not have to be closed down, the company's insolvency administrator told a German paper.

* Danish shipping and energy group A.P. Moller-Maersk would consider takeovers of insolvent competitors or of individual freighters as these are the cheapest options to expand during the economic crisis, its chief executive told a German magazine. (Compiled by Purwa Naveen Raman in Bangalore; editing by Simon Jessop)

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