PRESS DIGEST- Financial Times - March 22

March 22 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

GlaxoSmithKline leads race to buy $20 bln Pfizer unit

http://on.ft.com/2IFxz60

Melrose reaches up to 1 bln stg funding agreement with GKN pension trustees

http://on.ft.com/2pzzjoS

Telenor sells eastern European assets in 2.8 bln euros deal

http://on.ft.com/2FZsWBT

Overview

GlaxoSmithKline Plc is in pole position to win the race to acquire Pfizer's consumer healthcare business valued at about $20 billion, after Reckitt Benckiser abandoned its plans to buy the unit.

Melrose Industries Plc has agreed with pension trustees to funnel up to 1 billion pounds of cash into GKN Plc's retirement funds, a move that removes a hurdle to its attempted 8 billion pounds hostile takeover of the company.

Norwegian telecoms firm Telenor agreed to sell its business in eastern Europe to Czech fund PPF Group for 2.8 billion euros, as part of efforts to narrow its focus to Scandinavia and Asia. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)