WALL STREET JOURNAL: The Wall Street Journal reported that ConocoPhillips (COP) is expected to sell for $800M the rest of its 600 company-owned gasoline stations to PetroSun West LLC…FINANCIAL TIMES: Lehman Brothers’ (LEH) headquarters in New York City may be worth more than $1.3B, according to the Financial Times. Lehman paid $700M for the 38 story building in 2001. The firm is not believed to be interested in selling the building, but it may look to sell parts of its $40B commercial real estate portfolio…British mining company Rio Tinto (RTP) is looking to pursue joint ventures around the world with Chinese state-owned aluminum company Chinalco, Rio said yesterday. The Financial Times reported that Rio is also interested in using its relationship with Chinalco to increase its presence in China…CHARLOTTE OBSERVER: The Charlotte Observer reported that an agreement with Wachovia (WB) that would give more severance to former Golden West employees at the company is set to expire on October 1; however, according to the agreement that outlined Wachovia’s purchase of Golden West, the timing of planned layoffs could reduce this severance…

Asian Markets Wrap-Up for Wednesday, August 27
Asian stocks were higher as about half of the markets there advanced…JAPAN: The Nikkei 225 Stock Average fell 25.75, or 0.2%, to 12,752.96, while the broader Topix index lost 5.66, or 0.5%, to 1,223.69. Mitsubishi Estate Co. (MITEY) was down 2.1% to Y2,375. Sohken sank 12% to Y14,100. Toyota (TM) dropped 2.7% to Y4,770. Honda (HMC) lost 2.2% to Y3,530. Nippon Paper jumped 5.1% to Y311,000. Eisai Co. (ESALY) was up 4% to Y4,170. Astellas Pharma gained 1.7% to Y4,780…AUSTRALIA: The S&P/ASX 200 Index advanced 3.70, or 0.1%, to 5,011.20. Australian Wealth Management tumbled 15 cents, or 9.4%, to A$1.45. Babcock & Brown Infrastructure Group fell 10 cents, or 15%, to 57 cents. Centro Properties Group slid 1.5 cents, or 8.6%, to 16 cents. Macquarie Group plunged A$4.44, or 9.6%, to A$41.61. Woodside Petroleum (WOPEY) added A$1.92, or 3.4%, to A$58.42. Santos (STOSY) was up 81 cents, or 4.4%, to A$19.40…AROUND ASIA: In Hong Kong, the Hang Seng Index rose 408.06, or 1.9%, to 21,464.72. China Mobile (CHL) was up 3.5% to HK$96.55. Jiangxi Copper jumped 9.5% to HK$12.64. PetroChina Co. (PTR) leapt 3.4% to HK$10.30. Dah Chong Hong Holdings increased 17 cents, or 8.4%, to HK$2.20. Ports Design sank HK$2.64, or 12 %, to HK$19.36. Sinofert Holdings gained 28 cents, or 6.4%, to HK$4.68…In South Korea, Hyundai Heavy lost 2.9% to 237,000 won after announcing plans to seek a majority stake in Daewoo Shipbuilding & Marine Engineering Co, as are several other competitors. The state-run Korea Development Bank and Korea Asset Management Corp. is selling its 50.4% share in Daewoo. Daewoo’s shares added 1.9% to 35,350 won.

Lehman says three PE firms remain in bidding for unit-FT
Three private equity firms — Kohlberg Kravis Roberts, Bain Capital and Hellman & Friedman — remain in the running for Lehman’s (LEH) asset management unit, according to Lehman. People familiar with the discussions say Lehman has been gauging interest in the arm and has been soliciting bids from the firms even though it has not reached a final decision on whether it will sell the unit. Lehman is also said to be considering other options to raise cash, including selling a stake in itself or selling its commercial real estate portfolio.

FDIC may need short-term loans from the U.S.