Siemens close to selling logistics and airport unit to group led by Ross

Siemens, Europe’s largest engineering company, is close to finalising an agreement to sell its logistics and airports unit 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 on May 6, one of the people said.