UPDATE 2-Market Chatter -- Corporate finance press digest

(Adds Williams, Dexia, Taminco)

BANGALORE Jan 19 (Reuters) - The following corporate finance-related stories were reported by media on Tuesday:

* Williams Cos Inc (WMB.N) is restructuring its operations to merge two of its natural gas pipeline and energy-processing affiliates, the Wall Street Journal reported, citing people familiar with the matter. [ID:nSGE60I06M]

* Belgian-French financial services group Dexia (DEXI.BR) is close to an agreement with the European Commission on restructuring required in return for the state aid it received in 2008, Belgian daily L'Echo reported. [ID:nLDE60I054]

* Belgian chemical company Taminco could kick off its initial public offering on Euronext Brussels by the end of this week, Belgian daily De Tijd reported on its website on Tuesday. [ID:nLDE60I0J9]

* French retailer Carrefour (CARR.PA) is close to a deal with a unit of Pantaloon Retail (PART.BO), India's largest listed retailer, to set up franchisee stores in India, the Economic Times reported on Tuesday citing an anonymous source. [ID:nSGE60I03U]

* China's ICBC (1398.HK) will take a 50 percent stake in Cathay Financial's (2882.TW) Shanghai life insurance unit for about 400 million yuan ($58 million), Taiwanese media reported on Tuesday, without citing sources. [ID:nTOE60I00V]

* Chinese energy group Sinopec (0386.HK) is in talks with Britain's BP (BP.L) over potentially collaborating in the exploration and development of shale gas in China, the Financial Times reported. [ID:nLDE60I00N]

* Sony Corp's (6758.T) Sony Music Entertainment will announce a five-year deal with British show business entrepreneur Simon Cowell on Tuesday, the Financial Times reported. [ID:nLDE60I01F]

* The race for German generic-drug maker Ratiopharm has practically narrowed to Israel's Teva (TEVA.TA) and U.S. drug major Pfizer (PFE.N), German business daily Handelsblatt reported on Monday. [ID:nN18190368]

* Swiss luxury-goods maker Richemont (CFR.VX) is in talks to take a stake in Rodenstock in a move that would bolster the indebted eyeglass company's balance sheet, Financial Times Deutschland (FTD) reported. [ID:nLDE60H2GP]

For Deals of the day please click on [ID:nSGE60I056]

(Compiled by Aditi Samajpati in Bangalore; Editing by Dan Lalor)