(Bloomberg) --
Siemens AG has selected five bidders for its Yunex traffic systems unit who can choose whether to make a binding offer by “shortly before Christmas,” Handelsblatt newspaper reported.
Cubic Corp., Autostrade per l'Italia SpA, KKR & Co., Bridgepoint Group Plc and PPF have been shortlisted, the paper said, citing unidentified people in finance. Offers so far have valued Yunex at as much as 600 million euros ($687 million), it added.
A Siemens spokesman declined to comment on the report. Handelsblatt said the bidders declined to comment or were unreachable.
The German engineering giant said Thursday that it expects profit margins to increase across its three main divisions next year as it reaps the benefits of a long-term streamlining strategy.
Siemens has been shedding units such as health care and its gas-turbine division. Chief Executive Officer Roland Busch has said the company will continue to hone its portfolio through divestments and acquisitions.
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