off-the-wire

Deutsche Bahn selects three banks to sell $20bn logistics unit - sources

Kitco Media
By Reuters
Published:
Updated:
Reuters

FRANKFURT, March 8 (Reuters) - German rail operator Deutsche Bahn has selected Goldman Sachs (GS.N), Morgan Stanley (MS.N) and Deutsche Bank (DBKGn.DE) to run a sale of its logistics arm Schenker which could reach up to 20 billion euros ($21.1 billion), sources familiar with the matter told Reuters.

Final details are still being ironed out and the mandates have not yet been signed off officially, the sources said, speaking on condition of anonymity.

There will be a meeting in Berlin between Deutsche Bahn and the banks at the end of this week, one of the sources said.

A spokesperson for Deutsche Bank confirmed the German lender has been given an advisory role without giving further details.

Deutsche Bahn, Goldman Sachs and Morgan Stanley declined to comment.

($1 = 0.9473 euros)

Reporting by Emma-Victoria Farr, additional reporting by Amy-Jo Crowley, editing by Kirsti Knolle
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