WRAPUP 10-Auto bailout dies in US Senate, Asian stocks fall

* 'Too much difference' to reach agreement - Reid

* Asian stocks slide, oil tanks after failed talks

* White House disappointed, to evaluate options.

By John Crawley and Richard Cowan

WASHINGTON, Dec 11 (Reuters) - The U.S. Senate failed on Thursday night to reach a last-ditch compromise to bail out automakers, effectively killing any chance of congressional action this year.

The $14 billion legislation officially died in the Senate late on Thursday after supporters failed to get enough support in a procedural vote.

Republican-brokered talks faltered, leaving the chamber at a dead end on an approach for extending $14 billion in loans to avert a threatened collapse of one or more automakers, Senate Majority Leader Harry Reid said in remarks on the floor.

"It's over with," Reid said.

Markets across the Asia-Pacific region were down more than three percent after news the talks had collapsed, with Japan's Nikkei average and Hong Kong's Hang Seng both down more than five percent.

U.S. crude prices fell by nearly $2 to $46.11 a barrel.

The White House said it would evaluate its options in light of the collapse of the bailout legislation.

White House spokesman Tony Fratto declined to say what those options included. The Bush administration has resisted Democrats' past demands to use some money from the $700 billion bailout package approved in October to help struggling financial institutions to help the automakers.

Fratto said the failed legislation had "presented the best chance to avoid a disorderly bankruptcy while ensuring taxpayer funds only go to firms whose stakeholders were prepared to make difficult decisions to become viable."

Lawmakers planned to move ahead with a procedural vote on a Democratic-sponsored bill negotiated with the White House that Reid admitted would not succeed.

"There is too much difference" between negotiators to reach an agreement," the Nevada Democrat said.

The late night development followed intense discussions on a possible compromise that participants said fell apart over proposed wage concessions by the powerful United Auto Workers.