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GATX offers up to $3.5B for GE's rail-service unit -report

Fri Aug 8, 2008 7:56pm EDT

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NEW YORK, Aug 8 (Reuters) - Lease financing company GATX Corp (GMT.N) has offered as much as $3.5 billion for General Electric Co's (GE.N) Rail Services unit, Bloomberg reported on Friday, citing people familiar with the discussions.

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The report cited sources saying GATX is the leading bidder for the unit, which they said was valued at $2.8 billion. It said the terms of the deal are still being identified.

Reuters reported on Thursday that GE was looking to sell its rail car leasing unit, but auctions were dragging on as it competed for buyers with CIT Group Inc (CIT.N), which was also selling its rail car leasing business. (Reporting by Jonathan Spicer, editing by Leslie Gevirtz)

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