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UPDATE 1-Market Chatter -- Corporate finance press digest
March 1, 2012 / 4:26 AM / 6 years ago

UPDATE 1-Market Chatter -- Corporate finance press digest

(Adds Tata Communications, Sara Lee Corp)

BANGALORE, March 1 (Reuters) - The following corporate finance-related stories were reported by media on Thursday:

* Tokyo Electric Power Co has agreed to sell its employee benefit subsidiary to Nippon General Food for about 4 billion yen ($49.42 million) to secure funds to cover compensation payouts for the nuclear disaster, the Nikkei reported.

* British bank HSBC is close to a $1 billion sale of its general insurance operations to AXA and QBE, Sky News reported on Wednesday.

* Daiichi Sankyo Co, Japan’s No.3 drugmaker, will tie up with Britain’s pharmaceutical giant GlaxoSmithKline Plc to bring new products to the Japanese market, the Nikkei reported.

* Hong Kong Airlines Ltd, backed by China’s fourth-largest carrier, Hainan Airlines Co Ltd, has threatened to cancel an aircraft order with Airbus, underlining growing tensions between China and the European Union over the EU’s emissions trading scheme, the South China Morning Post.

* China’s Industrial Bank Co Ltd aims to raise at least 25 billion yuan ($3.97 billion) selling shares to institutional investors including the People’s Insurance Co (Group) of China Ltd and China Tobacco, the 21st Century Business Herald reported on Thursday, citing unidentified sources.

* India’s Tata Communications Ltd is preparing to bid for Cable & Wireless Worldwide Plc, the Times of India reported on Thursday, in what would be the biggest British acquisition by an Indian firm since Tata Motors bought Jaguar Land Rover.

* Sara Lee Corp will say it intends to launch an initial public offering (IPO) of its coffee and tea business in Amsterdam, the Dutch daily Het Financieele Dagblad reported on Thursday.

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(Compiled by Eileen Anupa Soreng in Bangalore; Editing by Matt Driskill)

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