June 3, 2014 / 1:51 PM / 4 years ago

Siemens calls off sale of baggage handling unit

FRANKFURT (Reuters) - Germany’s Siemens said on Tuesday it called off the sale of its baggage handling and postal automation business.

It would keep the business as an independent unit within the company and will provide solid financing, Siemens added.

The current head of the locomotive division, Michael Reichle, will head the unit.

Chief Executive Joe Kaeser said in November that talks to sell the businesses were “at a meaningful stage” but were progressing slowly because of complexity.

Siemens had been in advanced talks with buyout group Triton on the unit but was unable to strike a deal. Subsequent negotiations with U.S. investor Wilbur Ross also ended without success.

Reporting by Jens Hack, writing by Kirsti Knolle

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