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

** Otto Beisheim Group separated its 18.5 percent holding in Metro (MEOG.DE) from an investor pool and is looking to slash its stake in the world's fourth-largest retailer to about 10 percent, according to statements from the two companies. [ID:nL6543157]

** Genetic-testing specialist Qiagen (QGEN.DE)(QGEN.O) is set to continue acquiring companies following a capital hike worth about 440 million euros ($650 million), executive board member Ulrich Schriek said. [ID:nL6327847]

** Renault (RENA.PA) has confirmed it will invest in Russian carmaker AvtoVAZ (AVAZ.MM), of which it owns 25 percent, a senior Russian official said, though the French firm said the investment might not be in cash. [ID:nL6262057]

** Kuwait's Kharafi Group, which has inked a deal with Asian investors to sell a 46 percent stake in Zain (ZAIN.KW), could sell a majority stake in the telecoms firm if needed, a senior Kharafi official said. [ID:nL6354192]

** Private equity firm OpenGate Capital has dropped out of the bidding for McGraw-Hill Cos Inc's (MHP.N) BusinessWeek magazine, a person familiar with the matter said. [ID:nN06434968]

** Business process outsourcing company Sykes Enterprises Inc (SYKE.O) said it plans to acquire ICT Group Inc ICTG.O, a provider of customer management and BPO services, for about $263 million in a cash-and-stock deal, to increase scale and expand its global reach. [ID:nBNG90883]

** British software firm Innovation Group Plc (TIG.L) said it rejected an unsolicited approach from EXL Service Holdings Inc regarding a possible cash offer of 16 pence per share. [ID:nBNG39126]

** Canada's NeuLion Inc (NLN.TO) agreed to buy Interactive Netcasting Systems Inc (Insinc), a privately held sports webcasting company, for C$8.1 million ($7.6 million) in cash and stock to enhance its growth in the IPTV industry. [ID:nBNG531663] (Compiled by Tina Kwan in Singapore; Amit Kumar and Renju Jose in Bangalore)