General Electric / Siemens, GE and Siemens race to buy ABB division

Manufacturing News, Source : TheManufacturer.com
Published : 15 Apr 2002 15:28

General Electric and Siemens are vying for control of the financial services subsidiary of ABB, the troubled Swiss-Swedish engineering conglomerate.

ABB said this month it was in "advanced negotiations" to sell its structured finance division to try to reduce its debt. GE's financial services arm, GE Capital, and Siemens are the front runners to buy it, according to people involved in the talks.

ABB has said it hopes to sell the business by the third quarter of this year and is committed to reducing its $4.1bn debt by at least $1.5bn through disposals.

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