UPDATE 1-Market Chatter -- Corporate finance press digest

(Adds item on Pactiv)

BANGALORE Aug 17 (Reuters) - The following corporate finance-related stories were reported by media on Tuesday:

* Pactiv Corp PTV.N, the maker of Hefty trash bags, is in advanced talks to be bought by New Zealand's Rank Group Ltd, according to a report on Bloomberg's website, citing two people with knowledge of the matter. [ID:nN1685078]

* Beijing Automotive Industry Holdings Co (BAIC) plans to launch a buyout for smaller rival Baolong Auto (600988.SS) as part of an ongoing plan to list itself on the Shanghai exchange, a newspaper reported on Tuesday. [ID:nTOE67G008]

* Huaneng New Energy Industrial Co. plans to raise up to 10 billion yuan in an initial public offering within this year, China Daily reported on Tuesday, citing an unidentified source. [ID:nTOE67G01C]

* Santander has rekindled talks in recent weeks with M&T Bank over a merger of the US operations of the Spanish lender with the regional bank based in Buffalo, New York, the Financial Tims reported in its online edition.

(Compiled by Juhi Arora in Bangalore)