Monday Papers: Blackstone to run Bank of America fund - bid news and gossip

Financial Times

* Blackstone is taking over the management of a portfolio of Asian real estate investments from Bank of America Merrill Lynch.

* The administrator of Lehman Brothers’ German business has sold $2.4bn of claims against the failed bank to a group of distressed debt funds.

* Santander is on the lookout for acquisitions across Latin America, Francisco Luzón, managing director of the Americas division, said.

* Dubai World seeks to forge consensus behind backing for its multibillion-dollar restructuring proposal in a July 22 meeting, sources said.

* PetroChina, China’s largest listed oil and gas producer, says it would “welcome” closer co-operation with BP.

* Ten of Europe’s largest companies have backed a warning that the European Commission’s proposals for reforming the vast over-the-counter derivatives markets could trigger a fresh financial crisis if they are not watered down.

* Taylor Wimpey is negotiating with lenders over a refinancing package.

* Enel is pushing ahead with the delayed listing of the debt heavy utility’s Green Power division.

The Daily Telegraph

* BP is gearing up to unveil a $40bn defence strategy amid Speculation that ExxonMobil sought White House clearance to bid for rival oil giant.

* Richard Desmond, the owner of the Daily Express and OK! magazine, is among the frontrunners to buy Channel Five.