Dutch bancassurer ING says it will split itself in two as part of a restructuring deal with the European Commission, transforming itself over the next four years into a smaller Europe-focused bank.
It is also launching a 7.5 billion euro rights issue to pay back 50 percent of its aid from the Dutch state early.
In other M&A news:
UK budget retailer Matalan has had offers from private equity firms that could value it at around 1.5 billion pounds, according to several reports.
Indian state-run telecoms firm Bharat Sanchar Nigam (BSNL) regards a $13.7 billion price for a 46 percent stake in Kuwait’s Zain Telecom is expensive, the Business Standard reported, citing the firm’s chairman. For the Reuters story click here.