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

** General Motors Corp GMGMQ.PK said it reached a tentative deal to sell its Hummer brand to a privately held Chinese heavy machinery maker, part of an effort to drop four unprofitable vehicle lines and leave bankruptcy as a leaner company. [ID:nN02495245]

** Debt-laden Australian miner OZ Minerals Ltd (OZL.AX) said it has secured all necessary approvals for its proposed $850 million deal with China's Minmetals. [ID:nSYB006033]

** Copper miner Grupo Mexico said it raised the cash component of its offer for its bankrupt U.S. subsidiary Asarco as it tries to top bids from rival Sterlite Resources and a hedge fund. [ID:nN02250326]

Spanish airline Iberia (IBLA.MC) said it had alternative and attractive merger options to any tie-up with British Airways (BAY.L). [ID:nL31019482]

** Intuit (INTU.O) has agreed to buy online payroll services provider PayCycle Inc for about $170 million, bolstering its business in that segment and furthering its goal to boost online delivery of software. [ID:nN0267919]

** The board of LCH.Clearnet is still mulling whether to accept or reject a bid for the business from the consortium led by ICAP (IAP.L), the chief executive of Europe's top independent clearing house said. [ID:nL39793] (Compiled by Tina Kwan in Singapore; Ashutosh Joshi and Antonita Madonna Devotta in Bangalore)