U.S. mall owner General Growth Properties is looking to raise up to $2 billion from public markets to buy its way out of bankruptcy and fend off an unwanted takeover approach. The U.S. no. 2 is facing pressure to enter talks with market leader Simon Property Group, itself in discussions with Blackstone about the private equity firm co-investing in its bid.

National Australia Bank said it is actively pursuing AXA Asia Pacific, despite concerns the takeover fight for the regional arm of the French Insurer was distracting it and hurting earnings growth. The competition regulator last week raised concerns over an NAB-AXA alliance, bolstering the position of rival AMP.

Meanwhile, AXA Private Equity has entered exclusive talks to buy the private equity assets of investment bank Nataxis, which hopes to sell them for 507 million euros, plus a premium to valuation based on performance.

For other Reuters deals news, click here.

In other media:

Canadian precious metals group Barrick is planning to spin out its African gold mining operations and list them in London, the FT reports.  Analysts think the miner, with assets in north-west Tanzania, could be worth about $6 billion if traded at the same per ounce valuation as rival Rangold.

Andy Brough, the outspoken fund manager at Schroders , which holds around 10 percent of Babcock stock, has branded the company’s bid for VT Group a “deal too far”, the Times writes. Babcock yesterday lifted its approach for defence support services firm VT, prompting Brough to call 7 pounds a share for the business a crazy price.

From General Growth to Donald Trump, the Web is buzzing with news of companies trying to get into, out of, or just avoid bankruptcy.

Here is a selection from the past two days:

• Few think General Growth home lots worth $3 per share (Reuters)
• General Growth eyeing public market for exit: source (Reuters)
• Tribune given till March 31 to file bankruptcy plan (Reuters)
• Lehman led trading in bankruptcy claims in 2009 (Reuters)
• A month after bankruptcy, challenges still looming large for JAL (Kyodo News)
• Japan’s Willcom says files for bankruptcy (Reuters)
• Trucking failures to accelerate this year (Reuters)
• Trump, Icahn locked in battle for N.J. casinos (Reuters)
• Lawyers see bankruptcy, litigation boom coming (Nashville Business Journal)

You’d think a company in bankruptcy has few weapons with which to defend itself against a predatory buyer. But in the case of bankrupt mall operator General Growth, the tone that would-be salvager Simon Property has taken makes it sound as if the court-protected business has some leverage. That’s because it does.

Late on Wednesday, Simon threatened to walk away from its $10 billion bid if General Growth did not begin talks soon. Chief Executive David Simon accused General Growth of “inappropriately speculating with creditors’ money”. Simon wasted no time getting nasty. It only made its offer to General Growth public the day before.

The offer also came a week before General Growth would have had to apply for a six-month extension period giving it the exclusive right to come up with a plan to emerge from bankruptcy. So where does General Growth’s management get the chutzpah to hold off buyers when creditors have already arrived to claim the company’s assets?

General Growth is a lot more likely to be able to convince the court and its creditors that its bankruptcy was the result of tough economic conditions and liquidity concerns, rather than anything management did to ruin the business. Most companies in bankruptcy say this, but in the case of General Growth’s assets, as opposed to say Lehman Brothers’, the “not our fault” argument could find more sympathy.

More importantly, it looks as if creditors will get their money. Next down the line in bankruptcy are shareholders and others represented by the company’s existing management. That may be why Simon is coming out with its fightin’ words.