ABB, Schneider Electric bid for General Electric unit: Reuters

European engineering groups ABB Ltd and Schneider Electric SE are competing for General Electric Co's industrial solutions division, which could fetch as much as US$3 billion, sources told Reuters. ABB and Schneider Electric are through to the second round of bidding for the GE unit, a provider of primarily electrical equipment. Private equity firms, including KKR & Co LP, Clayton Dubilier & Rice LLC, Warburg Pincus LLC and Canada's Onex Corp, are also in the running, according to the sources.

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