One of Britain's biggest engineering firms is on the cusp of a major break-up after receiving a £2 billion takeover approach for its medical division from a US private equity predator. Smiths Group plc (LSE:SMIN) has been holding talks with TA Associates Management, L.P. Bankers from Goldman Sachs are said to be working on the deal. The Americans have made an approach for Smiths Medical, Inc. Talks are understood to be at an advanced stage. However, the potential deal is hanging in the balance because £6.5billion Smiths Group and TA Associates failed to agree a price earlier in the year. Spokesmen for TA Associates and Smiths Group declined to comment.