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GATX bids up to $3.5 bln for GE unit - report

Fri Aug 8, 2008 8:58pm 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.

On Thursday, Reuters reported that GE is looking to sell its rail car leasing unit, but auctions are dragging on as it competes for buyers with CIT Group Inc (CIT.N), which is also selling its rail car leasing business.

(Reporting by Jonathan Spicer, editing by Richard Chang)

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