FRANKFURT: Volkswagen has attracted bids from Europe's Innio, Japan's Mitsubishi Heavy and U.S.-based Cummins for its MAN Energy Solutions, which makes diesel engines for ships and power generators, people close to the matter said.
While the car maker is not running a formal auction process it is expected that the bidders may be asked to submit final offers at the end of February, the sources said. Cummins trades at 7.7 times its expected core earnings, while Caterpillar trades at 9.3 times and Wartsila trades at 9.8 times.
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