DealZone

M & A wrap: Lifting the Vale

Brazil’s Vale said on Wednesday it has created a new logistics company for cargo transport, but it denied media reports it is planning to sell stock in the unit in a spin-off. Logistics services generated $1.5 billion in revenue in 2010, an increase of 33 percent from the year before.

Cerberus Capital Management LP’s deal to buy 64 hotels from bankrupt Innkeepers USA Trust could still go forward, but at a lower price, two sources familiar with the situation told Reuters.

NYT’s DealBook contributor Steven M. Davidoff writes that Capital One’s proposed $9.2 billion acquisition of ING Direct requires clearance from the Federal Reserve, as it poses a potential systemic risk. “Whether or not the Fed approves the Capital One/ING Direct transaction, it is time for the Fed to run public hearings on what exactly Dodd-Frank means for our banks and what we as a country want from them,” writes Davidoff.

Why IPO when the markets stink? Venture capitalist Jeff Richards’s answer: “You go public in a choppy market because your business has strong fundamentals that investors will buy into regardless, you raise important growth capital, and begin establishing a track record as a public company.”

If private equity firms drafted their NFL dream team, who would make the roster? Fortune.com’s Dan Primack goes deep.

Deals wrap: ING Direct USA up for sale

CIT Group CEO John Thain is shown in New York in this November 17, 2009 file photo. REUTERS/Brendan McDermidDutch financial group ING has kickstarted an auction to find a buyer for its U.S. online banking operation ING Direct as part of an effort to raise funds to pay back state aid it received during the financial crisis in 2008.

A report in the New York Post said the sale could raise as much as $10 billion and that several institutions had expressed an interest in buying the unit, including U.S. consumer lender CIT Group, which is now run by former Merrill Lynch CEO John Thain (right).

Prosecutors present opening arguments in their insider trading case against Galleon Group founder Raj Rajaratnam, who they say built an elaborate network of stock tippers who helped him gain $45 million in illicit profits between 2003 and 2009.  NYT’s DealBook connects the dots in the complex Galleon network with a helpful visual graphic.