Siemens nears deal to sell airport unit to Wilbur Ross' group

[MUNICH] Siemens AG, Europe's largest engineering company, is close to finalising an agreement to sell its logistics and airports solutions business to a group led by billionaire investor Wilbur Ross as it exits underperforming businesses, two people familiar with the talks said.

Siemens plans to retain a minority stake in the unit, which is based in Constance, Germany, to help secure jobs, said the people, who asked not to be identified because negotiations are private. The German firm will likely announce the sale as early as this week and the supervisory board is set to sign off on the transaction today, one of the people said.

The employees of the airports unit will be asked to agree to join the new company, one of the people said.