July 5 (Reuters) – The following corporate finance-related stories were reported by media on Monday:
* OPEC member Kuwait may buy some of BP’s (BP.L) Middle East and Asian assets, a Kuwait newspaper said on Monday, as part of the British oil company’s attempt to raise funds and fend off takeover bids. [ID:nLDE6640A8]
* Credit Agricole (CAGR.PA) is not planning to make major acquisitions, but may look at industrial partnerships, as it prepares a new strategic plan to be unveiled in December, its CEO told Les Echos on Monday. [ID:nLDE664034]
* VTB (VTBR.MM), Russia’s second-biggest lender, plans to acquire rival TransCreditBank, the banking unit of state monopoly Russian Railways, Russian business daily Vedomosti reported on Monday. [ID:nLDE664017]
* China’s Bright Food Group has made a cash offer of more than A$1.65 billion ($1.39 billion) for the sugar and renewables business of Australian conglomerate CSR Ltd (CSR.AX), the Australian newspaper said on Monday. [ID:nSGE66301P]
* STX Group plans to list its European unit in Singapore in October to raise as much as $570 million, according to a local media report on Monday. [ID:nTOE66400Z]
* An infrastructure fund set up by Australia’s Macquarie (MQG.AX) and State Bank of India (SBI.BO) will buy a 10 percent stake in Indian mobile tower operator Tata-Quippo for $310 million, the Economic Times said on Monday. [ID:nSGE66403Q]
* Apple (AAPL.O) is missing out on an opportunity to further expand in China, the Financial Times reported late on Sunday, citing Lenovo’s (0992.HK) Chairman Liu Chuanzhi. [ID:nTOE66400H]
* Portuguese Prime Minister Jose Socrates on Sunday defended his government’s veto of Portugal Telecom’s (PTC.LS) sale of its stake in Brazilian wireless carrier Vivo to Telefonica (TEF.MC), saying it was in the incumbent’s strategic interests. [ID:nLDE663034]
* Royal Bank of Scotland (RBS.L) aims to put the conditions in place for the British government to start selling its 83 percent stake in the bank next year, its chief executive said, according to German paper Welt am Sonntag. [ID:nLDE6630B3]
* Wolseley (WOS.L), the world’s biggest builders merchant distributor, has put its tool hire business up for sale as part of a restructuring of its UK operations, the Independent on Sunday reported. [ID:nLDE66309Z]
* Part-nationalised Lloyds Banking Group (LLOY.L) is coming under pressure from shareholders to sell its Scottish Widows insurance business, which could fetch around 7 billion pounds ($10.6 billion), The Observer reported. [ID:nLDE663072]
* TPG [TPG.UL] and Goldman Sachs’s (GS.N) private equity wing are close to a deal to buy Europe’s largest privately owned diaper maker Ontex for more than 1.2 billion euros ($1.5 billion), the Sunday Telegraph reported. [ID:nLDE663080] (Compiled by Anirban Sen in Bangalore; editing by Simon Jessop)

Australian PM demands unity amid leadership cloud
June 15 (Reuters) – Australian Prime Minister Kevin Rudd called on Tuesday for government unity as rumours swirled he could be dumped only months from elections due to his falling popularity and a controversial mining tax.
But Rudd is unlikely to be toppled — at least not yet — one senior figure from the ruling Labor Party said, and could expect a boost come election time from Australia’s robust economy even despite his woes over the planned mining tax.
Australia is in its 16th year of uninterrupted growth, avoided recession during the global crisis and its unemployment rate is half that of the Europe and the United States, all significant factors with many mortgage-conscious voters. [ID:nSGE6580KR]
Rudd stood his ground over the mining tax despite speculation his popular deputy Julia Gillard was set to replace him, even as opinion polls warned his government could become the first since 1932 to lose after just a single term in power.
“Reform is a hard business, it is a controversial business. The key thing in the the reform process is for governments to maintain their nerve,” Rudd told journalists as parliament resumed for possibly the final time ahead of a national vote.
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For a Factbox on Australian political risks, click:
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Labor Party stalwart Peter Beattie said the party would stick with Rudd regardless of the opinion polls. “The Labor Party is loyal to its leaders who have won an election,” Beattie wrote in The Australian newspaper on Monday.
Other commentators, however, warned Rudd’s “high-handed instransigence” would cost him his prime ministership. The Sydney Morning Herald said Rudd rivalled Pim Verbeek — coach of the national soccer team thrashed by Germany at the World Cup — as the most unpopular man in Australia.
Gillard has laughed off suggestions she should replace Rudd or could challenge, with the economy and employment still strong.
But with a likely October election looming, some Labor politicians believe she would offer a more conciliatory face and lure back jaded voters as conservative rivals and the minority party Greens close in, threatening a hung parliament or worse.
COMMUNITY, BUSINESS ANTAGONISM
Whatever happens in the elections, Rudd’s leadership could now be terminal. Gillard seems poised to replace him if Labor loses unexpectedly, or early in a new term if Rudd wins with a reduced majority in the parliament.
“There is the momentum of Rudd’s remarkable ability to mobilise community and business antagonism towards his own prime ministership, a momentum that shows no sign of abating,” senior political commentator Jennifer Hewett wrote in The Australian.
A Newspoll last week showed the opposition conservatives with an election-winning 53 percent to 47 percent lead over the government, although Rudd is still well ahead of opposition leader Tony Abbott as preferred prime minister.
Labor backbench members, in power since 2007, are pressuring Rudd to end a damaging row with miners over the planned 40 percent tax on profits, dividing voters in politically vital resource states.
The tax, and a decision to shelve carbon trading until the end of 2012, has hurt Rudd. Opinion polls show roughly half of voters oppose it because of concerns it would jeopardise jobs and investment.
More than $20 billion of new resource investment in Australia has already been shelved by global miners due to the tax, legislation for which won’t be drawn up until after the election and which won’t come into effect until 2012.
The government is preparing a compromise on the tax, being fought by miners in a multi-million-dollar advertising campaign, but Rudd has warned he won’t be rushed on a deal for “generous” transition arrangements.
Finance Minister Lindsay Tanner was among a host of ministers who sought on Tuesday to play down leadership speculation, which began after a former Labor luminary, who now works for a mining firm, called for his dumping.
“One thing I can tell you is we’re not going to be spooked by idle gossip,” Tanner said.
Gary Gray, Labor’s parliamentary secretary for resource-rich western and northern Australia, said the mining tax issue had to be resolved by August to end uncertainty and bring political debate back to Labor’s strengths in health and education.
Tanner said the government was doing all it could in consultations with the mining industry but it was impossible to set a specific deadline. (Editing by Michael Perry and Paul Tait)