Market Chatter- Corporate finance press digest
Nov 26 (Reuters) - The following corporate finance-related stories were reported by media:
* Chrysler Group LLC, the No. 3 U.S. automaker, has abandoned plans for an initial public offering this year so it can sort out a U.S. tax issue, according to two sources familiar with the process.
* Blackstone Group LP is eyeing an IPO for La Quinta Inns & Suites rather than a sale of the hotel chain, according to a source familiar with the process.
* Singapore's DBS Group Holdings, ABN AMRO and Credit Suisse are among suitors that have submitted final round bids for Societe Generale's Asian private bank, which is being valued at around $400 million, people familiar with the matter said.
* Private equity firm Bain Capital LLC is in talks with other private equity firms to sell its insurance software provider Applied Systems Inc for more than $1 billion, three people familiar with the matter said on Monday.
* At least six major private equity groups are competing to buy the industrial packaging segment of Illinois Tool Works Inc , in a deal that could fetch more than $3 billion, according to people familiar with the matter.
* One of the biggest proposed law firm mergers of the year, between the California-based Orrick Herrington & Sutcliffe and Pillsbury Winthrop Shaw Pittman in New York, has been called off, the leaders of the two firms told Reuters Monday.
* Intel Corp is trying to sell its yet-to-launch Internet television service for $500 million and wants to complete a deal by year-end, Bloomberg reported on Monday, citing unnamed sources.
* U.S.-based generic drug maker Mylan Inc and two Indian pharma companies are in the race to acquire Chennai-based Bafna Pharmaceuticals, which makes haemoglobin drug Raricap among other products, the Economic Times reported on Monday, citing two people privy to the deal. ()