LONDON (dpa-AFX) - According to insiders, Siemens was able to raise around three billion euros from the sale of its Innomotics motor and large gearbox division. The Japanese industrial group Nidec and the US investment company KPS Capital Partners are both bidding for Innomotics, the Bloomberg news agency wrote on Tuesday night, citing people familiar with the matter. Both companies have been invited to make second-round bids. It is unclear whether other interested parties are still in the running. A Siemens spokesperson did not wish to comment on the information.

At the beginning of February, when presenting its business figures, Siemens emphasized that there was no time pressure with regard to Innomotics. The subsidiary with more than 15,000 employees is now largely independent. All options are being examined, said CEO Roland Busch. These include both a sale and a possible exit.

In January, the "Handelsblatt" newspaper reported, citing insiders, that Siemens was hoping for a sale proceeds of more than three billion euros. The sale is expected to be completed by September./mis/ngu/tih