MUNICH (dpa-AFX) - According to a press report, the technology group Siemens is making progress with the planned sale of its Innomotics business with motors and large drives. The technology group wants to collect initial bids at the end of February and is hoping for a sale proceeds of more than three billion euros, the "Handelsblatt" reported on Wednesday, citing financial and corporate circles. The sale should be completed by September. The company could not initially be reached for comment.

Among the interested parties with whom Siemens has held initial talks are mainly financial investors, it was also reported. However, there is also at least one company that is showing strategic interest and would like to continue the division itself. Last week, the commissioned banks BNP and Goldman Sachs sent detailed information packages to interested parties, writes the newspaper.

Contacts were made with financial investors such as Bain, KPS, CD&R, Brookfield, Apollo and Fountainvest. The information packages were also sent to competitors such as the Japanese company Nidec and Baker Hughes from the USA.

When presenting its balance sheet in November, Siemens announced that it was preparing an IPO for Innomotics, but was also examining offers from third parties. In order to be able to separate from the business, Siemens has made Innomotics independent. The new company has more than 15,000 employees and a turnover of over three billion euros. The product portfolio includes, for example, motors for use in mines.

The newspaper also reports that another sale is in the pipeline. Last year, the sales process for the baggage sorting machines division was started. Siemens had already made the business independent several years ago. The sale was delayed during the coronavirus crisis due to the poor economic situation in the aviation industry. Several interested parties finally submitted initial bids before Christmas, it was reported. The negotiations could also be concluded in the current financial year./mne/mis/jha/