CORRECTED-ThyssenKrupp finalising auto divestments - sources

Thu Apr 19, 2012 10:05am EDT

FRANKFURT, April 18 (Reuters) - ThyssenKrupp is putting the finishing touches on the sale of three businesses in the automotive sector, less than three months after the German steel group sold its stainless steel business, several people close to the transaction said.

The three units up for sale, its Thyssenkrupp's springs and stabilizers business, its iron-casting unit Waupaca and Tailored Blanks, have total annual revenue of about 2.5 billion euros ($3.28 billion).

A spokesman for ThyssenKrupp declined to provide details of ongoing divestment talks, saying only: "All processes are proceeding well."

A person close to the transaction said ThyssenKrupp is set to sell the springs and stabilizers business - carved out of its Bilstein Group - to Italy's Sogefi for 100-200 million euros, adding a private equity group, stood ready to scoop up the asset if talks with Sogefi failed at the last minute.

Separately, ThyssenKrupp appears to have chosen a preferred buyer for iron-casting unit Waupaca, which may fetch around $600 million, several people familiar with the matter said.

For the third unit, Tailored Blanks, a Chinese bidder remains, but industry sources cautioned that the deal may be scuppered by the recent political crisis in China.

The companies and banks declined to comment.

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