U.S. private equity firm Cerberus has dropped out of the race for beleaguered British mortgage bank Northern Rock, the Times newspaper reported, quoting sources close to the bank. The only two bids now being considered seriously are the proposal from Virgin Group and a rival approach from Olivant, an investment group headed by the former boss of British bank Abbey. Cerberus is reportedly turning its attention to troubled Belgian imaging technology group Agfa-Gevaert.

A disclosure table from the UK Takeover Panel listed Xstrata as an potential “offeree”, or takeover target. An analyst said it might be soliciting takeover bids under pressure from its biggest shareholder, privately held commodities trader Glencore, which has a 34.6 percent stake.

Australian gaming group Crown is buying Las Vegas casino operator Cannery Casino Resorts for $1.75 billion, adding to its stable of North American gaming operations. Crown is controlled by Australia’s richest man James Packer.

A consortium including China’s State Grid Corp won the right to operate the Philippine power grid with a $3.95 billion bid, in what would be the biggest privatization in the country’s history.