A German newspaper is reporting that Siemens has chosen five bidders for its mobility division Yunex Traffic and given them until just before Christmas to make an offer.

Reuters has picked up on the Handelsblatt report which suggests the five bidders are Cubic, belonging to Veritas Capital and Evergreen Coast Capital; Italian toll operator Autostrade; financial investors KKR and Bridgepoint, and Czech investment group PPF, according to the report.

The offers lie between 550 million and 600 million euros, it said, citing several sources close to the matter. The business operates in more than 40 countries and has annual revenue of 600 million euros ($726 million).

Siemens said by email to Reuters it had no comment.

The mobility division was rebranded in September after an initial announcement about the change in the spring.

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