FRANKFURT, Sept 25 (Reuters) - German auto and defence supplier Rheinmetall and engineering group Voith are vying for transmissions maker Renk, which Volkswagen has put up for sale to free up funds for investment in electric vehicles, people close to the matter said.
The industrials groups are among those expected to submit first-round bids for Renk by a mid-October deadline, they said. The bids could give the company an enterprise value of around 700 million euros ($769.37 million).
Private equity groups KKR, Carlyle and Advent are also among the potential suitors, while defense firm KraussMaffeiWegmann’s interest was expected to be muted, they said, adding that the signing of a deal is not expected before next year.
Voith, Rheinmetall and Carlyle declined to comment while the other potential bidders were not immediately available for comment. Volkswagen declined to comment on specifics of the deal, saying it was working on a forward-looking solution for Renk in the wider context of developing a growth perspective for the group’s mechanical engineering division.
$1 = 0.9098 euros Reporting by Arno Schuetze Editing by Tassilo Hummel