Deals of the day -- mergers and acquisitions

May 22
9:13 AM 2012

The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 1000 GMT on Tuesday:

** South Korean bank holding firm KB Financial Group has submitted a bid for ING Groep NV's South Korean life insurance business, KB Chairman and Chief Executive Officer Euh Yoon-dae said on Tuesday.

** Accor is to sell its troubled U.S. budget hotel business for $1.9 billion to private equity group Blackstone , in an expected move by the French hotel group to focus on growth outside the United States.

** Commodities trader Glencore has taken majority control of its fast-growing Mutanda copper operation in Congo with a $480 million deal, including debt, which marks the first step in a planned merger of the mine with the nearby Kansuki concession.

** Man Group is to buy London-based investment firm FRM as the struggling hedge fund manager, which has been criticised for overpaying and a poor choice of deals in the past, seeks to reduce dependence on its flagship computer-driven fund.

** Qantas Airways is separating its loss-making international business from its profitable domestic operations, and assigning the boss of its frequent-flyer division, the airline's No.2 money spinner, to turn around the ailing global segment.

This is copyrighted by Reuters

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