Deutsche Bahn picks three banks to sell $20bn logistics unit

FRANKFURT: German rail operator Deutsche Bahn has selected Goldman Sachs, Morgan Stanley and Deutsche Bank to run a sale of its logistics arm for up to 20 billion euros ($21.1 billion), sources familiar with the matter told Reuters.

Final details on the sale of the unit Schenker are being decided and the mandates have yet to be formally signed off, the sources said, speaking on condition of anonymity because the matter is not yet public.

Deutsche Bahn and the banks will meet in Berlin at the end of this week, one of the sources said.

A spokesperson for Deutsche Bank confirmed the German lender has been given an advisory role without giving further details.

Deutsche Bahn, Goldman Sachs and Morgan Stanley declined to comment.

The process will not start before the third quarter of this year, as previously reported.

Bloomberg first reported on Tuesday that Goldman Sachs and Morgan Stanley had been selected to advise on the sale.