** MegaFon, Russia's No. 2 mobile phone company, has obtained clearance from the country's competition watchdog for a potential acquisition of rival Scartel, the regulator said.
** Specialty chemicals maker Lonza Group AG said it was ending a generic drugs venture with Israel's Teva Pharmaceutical Industries by mutual agreement after misjudging how much it would cost.
** Three global companies are in the race to buy a stake in leading Turkish health insurer Acibadem Sigorta, sources familiar with the matter said, underscoring appetite among international investors for the fast-growing sector.
Sompo Japan Insurance, Malaysia's state-run investment firm Khazanah Nasional and British medical services group Bupa Insurance Ltd are involved in an auction process for the stake, three banking sources said.
** Dow Chemical Co will consider selling its paint, construction and chlorine businesses as it joins industry rivals in shedding units vulnerable to commodity price swings, its chief executive said. The company spokeswoman Rebecca Bentley said the three businesses combined contributed $6 billion in annual revenue.
** Chemical maker Ashland Inc said it was considering selling its water technologies unit, months after hedge fund Jana Partners picked up a stake in the company and said its stock was undervalued.
** Spanish oil group Repsol paved the way for the eventual sale of its $6 billion stake in utility Gas Natural Fenosa, acknowledging its rationale would dwindle once another planned disposal is completed.
Repsol Chief Financial Officer Miguel Martinez said the need to hold the 30 percent Gas Natural stake would diminish after Repsol closes a deal to sell a large part of its liquefied natural gas (LNG) assets to Royal Dutch Shell .
** Italian asset manager Azimut said it had agreed to buy smaller rival Augustus Opus SIM, which specializes in managing assets of wealthy individuals, in a two-step deal.
Azimut will initially buy 51 percent of Augustus, whose assets under management exceed 800 million euros ($1.06 billion), for 10 million euros ($13.24 million) and raise the stake to 100 percent after six years, it said in a statement.
** Germany's second biggest lender Commerzbank is selling a custody unit to French BNP Paribas as it continues its efforts to streamline its portfolio.
** Bankers have started to prepare debt financing packages to offer to potential buyers of GlaxoSmithKline Plc's soft drink brands Lucozade and Ribena, banking sources said.
** Legg Mason Inc Chief Executive Joseph Sullivan said the Baltimore asset manager has sold its Private Capital Management equity investment unit to its management team.