GE 'in talks' with Element on fleet assets sale

Toronto

GENERAL Electric Co, working to reduce dependence on its finance unit, is in advanced talks to sell assets in the US$9 billion vehicle fleet-management business to Element Financial Corp, people familiar with the matter said.

No deal has been reached yet with Toronto-based Element, and the discussions may still fall apart, said the sources. GE hopes to come to terms on a sale of the operations by the end of the quarter, one person said.