China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Market Chatter -- Corporate finance press digest
LONDON, July 1 (Reuters) - The following corporate finance-related stories were reported by media on Wednesday:
* Citigroup Inc (8710.T)(C.N) is in final talks to sell its Japanese trust bank, NikkoCiti Trust & Banking Corp, to a Nomura Holdings Inc (8604.T) subsidiary for an estimated $210 million, the Nikkei business daily said [ID:nBNG504048].
* India's United Spirits (UNSP.BO) has received term sheets from Blackstone (BX.N), KKR and Capital International, who are interested in buying a stake worth $250-300 million in the company, the Economic Times said [ID:nBOM379882].
* British retailer Tesco (TSCO.L) is a potential bidder for nationalised bank Northern Rock (NRKx.L), UK newspaper the Times reported in its Wednesday edition [ID:nLU342569]
* Bank of America Corp's (BAC.N) primary investment management unit is drawing lower than expected bids after likely suitor Blackrock (BLK.N) bought Barclays Global Investor (BARC.L), the Financial Times said [ID:nBNG122613].
* Shinsei Bank (8303.T) and Aozora Bank (8304.T) are likely to seek an injection of public funds to shore up their capital as the two loss-making lenders merge their businesses, the Nikkei business daily said on Wednesday.
* Patrick Degorce is planning to launch his own fund after splitting from high-profile hedge-fund manager Christopher Hohn, hoping to raise as much as $1 billion over time, the Wall Street Journal said.
For deals of the day, click on [ID:nSP225795]
(Compiled by Douwe Miedema; Editing by Simon Jessop)
