Siemens makes progress in the planned sale of its motors and large drives business Innomotics, according to a report from "Handelsblatt". According to financial and company sources, the company is ready to collect initial bids from the end of February and hopes for a sales proceeds of over three billion euros. The transaction is expected to be completed by September.

Among the potential buyers with whom Siemens has already held discussions, primarily financial investors can be found. However, there is also at least one interested party who shows strategic interest and wants to continue the business themselves.

According to "Handelsblatt", the commissioned banks BNP and Goldman Sachs have already sent detailed information packages to interested parties. Potential buyers include financial investors such as Bain, KPS, CD&R, Brookfield, Apollo, and Fountainvest. Competitors such as the Japanese Nidec and Baker Hughes from the USA are also said to have received the documents.

Siemens did not comment directly on the report, but referred to statements made during the annual press conference in November. There, the company announced its intentions to either take Innomotics public or sell it to a third party.

To facilitate the separation from the business, Innomotics was established as an independent company. With over 15,000 employees and a revenue of over three billion euros, Innomotics specializes in selling engines, among others, for use in the mining industry.

As the newspaper further reports, Siemens is also planning to sell another division. The sales process for the luggage sorting machines business was already initiated last year, which had already become independent several years ago.

Due to the economic situation in the aviation industry caused by the COVID-19 crisis, there were delays. Before Christmas, several offers were finally received from potential buyers, and a conclusion of the negotiations is still possible within the current fiscal year.

The report caused a negative reaction to Siemens shares on the stock exchange, ultimately causing a decrease of 1.38 percent to 158.94 euros.