DealZone

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.

Also in the Netherlands, brewer Heineken has held discussions to buy the brewing operations of Mexican conglomerate Femsa, the Financial Times reports.

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.

Lloyds Banking Group‘s private equity unit LDC is in talks to acquire legal outsourcing company CPA Global for 400 million pounds ($666 million), the Financial Times reports.