Bombardier turned down Chinese bid for its rail unit: report
State-owned company that owns Beijing subway lines bid for up to 100% of Bombardier Transportation
CBC News Posted: Sep 09, 2015 12:32 PM ET Last Updated: Sep 09, 2015 5:12 PM ET
Bombardier Inc. has turned down an offer to buy up to 100 per cent of its rail division from China's Beijing Infrastructure Investment Co., according to a report from Reuters.
Reuters said it has seen an Aug. 14 letter in which the Chinese state-owned firm, which operates 18 metro lines in Beijing, offered to buy 60 to 100 per cent of the rail unit.
Louis Veronneau, Bombardier's vice-president for mergers and acquisitions, replied in another letter that the company wasn't interested in selling a majority stake.
Bombardier Transportation is one of the world's largest suppliers of subway, streetcar and other rail equipment for mass transit systems and accounts for about half the parent company's overall business. [...]