UPDATE 3-Deals of the day -- mergers and acquisitions

** Itau Unibanco, Brazil's biggest private sector bank by assets, agreed to merge its automobile and residential insurance business with local insurer Porto Seguro. [ID:nN24135287]

** JLL Partners is not in talks to sell its majority stake in Canadian drugmaker Patheon (PTI.TO) to Switzerland's Lonza (LONN.VX), a JLL partner said, saying it was the wrong time to cash out. [ID:nN24149147]

** Petrobras (PETR4.SA), Brazil's state-controlled oil company, said it is in talks with Brenco, a Brazilian ethanol producer backed by venture capitalist Vinod Khosla and AOL founder Steve Case, to explore possible opportunities in the biofuels industry. [ID:nN2452132] (Compiled by Tina Kwan in Singapore and Amit Kumar and Abhishek Takle in Bangalore)