(Adds Ashford, AC Milan, AIG)
Feb 21 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2100 GMT on Tuesday:
** Japan's Toshiba Corp wants to raise at least 1 trillion yen ($8.8 billion) by selling most of its flash memory chip business, seeking to create a buffer for any fresh financial problems, a source with direct knowledge of the matter said.
** Verizon Communications Inc said it would buy Yahoo Inc's core business for $4.48 billion, lowering its original offer by $350 million in the wake of two massive cyber attacks at the internet company.
** Sumitomo Mitsui Financial Group (SMFG) and Resona Holdings Inc are in talks to merge some of their units, sources said on Monday, in what would be the latest in a slow but steady wave of consolidation in Japan's regional banking industry.
** China's Sinochem is exploring the sale of its 40 percent stake in Brazil's Peregrino offshore oilfield, four people familiar with the matter told Reuters, a deal that could see the state-owned conglomerate walk away from what was once touted as a key overseas asset because of historically low oil prices. The oil and chemicals firm agreed to buy the stake from Norway's Statoil for $3.07 billion in 2010.
** PSA Group has pledged to respect existing Opel and Vauxhall job guarantees if it buys the European arm of General Motors, though some analysts say thousands of jobs are eventually likely to go for the deal to work.
** Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, said it would acquire Popeyes Louisiana Kitchen for $1.8 billion in cash.
** Chemical maker Tronox Ltd said it would expand a business that makes titanium dioxide, a whitening pigment used in paints, with a $1.67 billion deal.
** Spain's Telefonica said it had agreed to sell up to a 40 percent stake in its telecom masts subsidiary Telxius to private equity firm KKR for 1.275 billion euros ($1.35 billion).
** Lodging real estate investment trust Ashford Hospitality Trust Inc offered to buy FelCor Lodging Trust Inc in a deal worth about $1.27 billion.
** Chinese conglomerate Dalian Wanda's proposed $1 billion purchase of Hollywood's Dick Clark Productions Inc is under pressure but is not yet over, sources told Reuters on Tuesday, amid high U.S.-China tensions and tight scrutiny by Beijing on outbound deals.
** Malaysian state-owned oil and gas firm Petronas is aiming to sell a large minority stake in a prized upstream local gas project for up to $1 billion as it seeks to raise cash and cut development costs, two sources familiar with the matter said.
** Telecommunications company Spark has asked a New Zealand court to rule a 36-hour pause must take place before Sky Network Television can buy Vodafone's New Zealand unit VOD.L if the competition regulator approves the deal.
** Fiber-based service provider Lumos Networks Corp said on Monday it agreed to be bought by investment firm EQT Infrastructure in an all-cash deal with an enterprise value of about $950 million.
** Norwegian biotech newcomer Nordic Nanovector, which seeks ways to treat blood-related cancers, says other companies are showing interest in buying the firm.
** A consortium led by Belgian publisher Mediahuis has raised its offer for Telegraaf Media Group (TMG), matching a rival 273 million euro ($290 million) bid by Dutch billionaire John de Mol.
** U.S.-based Northern Trust is buying UBS Group's UBS Asset Management fund administration servicing units in Luxembourg and Switzerland, UBS said on Monday.
** A Kenyan lawmaker proposed breaking up Safaricom , the country's biggest telecoms operator, because of its role in providing mobile financial services.
** EU antitrust regulators will decide by March 27 whether to clear world No. 1 shipping company Maersk Line's bid for German rival Hamburg Sud, its first major deal for more than a decade.
** The sale of prized Italian soccer team AC Milan to a group of Chinese investors is set to be finalised on March 3, two sources close to the matter said, in what would be the biggest Chinese investment in a European club.
** Lodging real estate investment trust Ashford Hospitality Trust Inc offered to buy FelCor Lodging Trust Inc in a deal valued at about $1.27 billion and launched a proxy battle for the control of the company's board.
** Private equity fund CVC Capital Partners has agreed to buy Zabka Polska SA, one of Poland's biggest chains of convenience stores, from Mid Europa Partners, CVC said.
** French nuclear fuel group New Areva, which is being split off from state-owned nuclear group Areva SA, said it had signed an agreement about a nuclear fuel processing facility with China National Nuclear Corporation (CNNC) and added that talks are continuing about CNNC taking a stake in the firm.
** Buyout firm Sycamore Partners has won the auction for the e-commerce business and intellectual property of bankrupt U.S. women's apparel retailer The Limited with a bid of $26.8 million, people familiar with the matter said.
** Insurance giant American International Group Inc has reached a deal to sell one of its lesser-known assets: a northern Vermont ski slope.
** Canada's ECN Capital Corp said it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group for about $1.25 billion in cash. (Compiled by Ankit Ajmera and Laharee Chatterjee in Bengaluru)