30/04/2017
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Fri Apr 21, 2017 | 12:48 PM EDT
ABB, Schneider Electric bid for General Electric unit: sources
FILE PHOTO: A man stands in front of the logo of Swiss engineering group ABB before a news conference in Zurich, Switzerland October 4, 2016. REUTERS/Arnd Wiegmann/File Photo
FILE PHOTO: A man stands in front of the logo of Swiss engineering group ABB before a news conference in Zurich, Switzerland October 4, 2016.
REUTERS/ARND WIEGMANN/FILE PHOTO
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By Greg Roumeliotis
European engineering groups ABB Ltd (ABBN.S) and Schneider Electric SE (SCHN.PA) are competing for General Electric Co's (GE.N) industrial solutions division, which could fetch as much as $3 billion, according to people familiar with the matter.
The divestiture would represent a key step by GE to focus on its core businesses and improve its operational performance, amid pressure from Nelson Peltz's activist hedge fund Trian Fund Management.
ABB and Schneider Electric are through to the second round of bidding for GE's industrial solutions business, a provider of primarily electrical equipment, the sources said this week. Schneider Electric is looking for a partner to break up the business should its bid prevail, in order to address any antitrust concerns, the sources added.
