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UPDATE 1-Market Chatter -- Corporate finance press digest

Thu Jun 25, 2009 3:26am EDT

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(Adds FT report on GM's European business)

LONDON, June 25 (Reuters) - The following corporate finance-related stories were reported by media on Thursday:

* U.S. automaker General Motors GMGMQ.PK has invited several investors to hand in improved offers for its European operations to try to put the screws on frontrunner Magna (MGa.TO), the Financial Times said. China's BAIC aims to hand in an improved offer, the paper said, citing people briefed on the matter.

* The board of Independent News & Media (INME.I) and its creditors have agreed an extension to a standstill on the repayment of a 200 million euros ($278 million) bond, the Financial Times reported. [ID:nLP622670]

* Activist hedge fund firm The Children's Investment Fund (TCI) is considering offering more flexible terms to investors and a different fee structure, the Wall Street Journal said, citing people familiar with the matter. [ID:nBNG294989]

* Telecom Italia SpA (TLIT.MI) is ready to sell its stake in Telecom Argentina if the price is right, Italian newspapers reported on Thursday, quoting Chief Executive Franco Bernabe. [ID:nLP584551]

* The founder of Russian steel producer Maxi Group has accumulated a 1.4 percent stake in state savings bank Sberbank, Vedomosti newspaper reported. [ID:nLP423347]

* The Chinese government may float key assets of its three major railway operators to help bankroll the expansion of its railway system, the China Daily reported. [ID:nPEK242399]

* India's Grasim Industries (GRAS.BO) plans to absorb its unit UltraTech Cement (ULTC.BO) to consolidate the group's cement business under one arm and create India's top cement firm, the Economic Times reported, citing an investment banker. [ID:nBOM508613]

* Indian diversified construction firm Jaiprakash Associates (JAIA.BO) plans to merge two of its power units to help them sell shares worth up to 40 billion rupees ($825 million) to institutional investors, the Business Standard said. [ID:nBOM395099]

* Indian outsourcer Tech Mahindra (TEML.BO) and its unit Mahindra Satyam (SATY.BO) could be merged within two years, the Economic Times reported, citing the vice-chairman of the two firms. [ID:nBOM87462]

* Woori Finance Holdings (053000.KS), which operates South Korea's No.2 lender, is in talks with the government, its majority shareholder, for a possible capital raising exercise, a newspaper reported, citing the CEO of the banking arm. [ID:nSEO239885]

* China Pacific Insurance Group Co (601601.SS), the country's third-biggest life insurer, has decided to restart its proposal to float shares in Hong Kong, the Shanghai Securities News reported, citing a source close to the company. [ID:nSHA238749] (Compiled by Steve Slater; Editing by Mike Nesbit and David Holmes)



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