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Market Chatter: Timken Reportedly Among Suitors Exploring Bids for ABB Unit

05/11/2021 11:21

03:16 PM EDT, 05/11/2021 (MT Newswires) -- US-based rolling bearing maker Timken (TKR) is among potential bidders exploring an offer for Swiss engineering firm ABB's (ABB) mechanical power transmission business, Bloomberg News reported Tuesday, citing unidentified sources.

Schaeffler is also considering an offer, while other suitors may include RBC Bearings and buyout firms, according to the report, which added ABB's Dodge could be valued at about $1.5 billion.

ABB has asked potential bidders to submit their offers by the end of May, Bloomberg reported, citing the sources.

ABB, Timken and Schaeffler did not provide a comment to Bloomberg, while RBC Bearings did not immediately return Bloomberg's request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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