Sept 29 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1025 GMT on Friday:
** German drugs and pesticides group Bayer said it had further reduced to just under 25 percent its holding in Covestro, the plastics producer which it demerged in 2015, by selling a 6.9 percent stake for 1 billion euros ($1.2 billion).
** Activist group Avaaz stepped up its battle to stop Rupert Murdoch buying Sky, launching a legal challenge to the regulator's view that the pay-TV group would still be a "fit and proper" owner of a broadcasting license if the deal goes ahead.
** The Chinese owner of former European soccer champions AC Milan is looking for one or more investors to share the financial burden, less than six months after buying the loss-making Italian club, two sources said.
** Invesco Ltd said on Thursday that it has agreed to acquire Guggenheim Investments' exchange-traded funds (ETF) business, which includes $36.7 billion of assets under management as of Aug. 31.
** The chief executive of French telecoms company Orange said he did not see at present opportunities for large pan-European mergers and ruled out buying a stake in media group Vivendi, according to remarks published on Thursday.
** State-run Eletrobras, Brazil's largest power utility holding company, will auction its inefficient and heavily indebted electricity distribution subsidiaries for a symbolic 1 real ($0.31) to the buyers who offer to charge the lowest rates to consumers, sources said on Thursday.
** The owner of Japanese restaurant chain Genki Sushi Co will buy a one-third stake in bigger rival Sushiro Global Holdings Ltd from private equity firm Permira , a person with direct knowledge of the deal said.
** British insurer Aviva said it had agreed to sell its Italian joint venture to Banco BPM for 265 million euros ($312.01 million) in cash.
** Carlyle Group LP signed a definitive agreement to sell Klenk Holz AG, its German building materials unit, to Binderholz GmbH, the private equity firm said.
** Investors looking to buy at least 51 percent of the property unit of French hotel group AccorHotels are due to submit their letters of intent in October, French daily Les Echos said.
** Norwegian utility Statkraft has acquired a 50 percent stake in German energy retailer enQu, the two firms announced in a joint statement. (Compiled by Sanjana Shivdas in Bengaluru)