Reuters: Private Equity: Deals of the day -- mergers and acquisitions

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Deals of the day -- mergers and acquisitions May 22nd 2012, 10:12 Tue May 22, 2012 6:12am EDT May 22 (Reuters) - 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.

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