Siemens Said to Tap BNP for Potential €3 Billion Innomotics Sale

Siemens AG has picked BNP Paribas SA to advise on options for its motors and large drives business, people with knowledge of the matter said.

The German industrial conglomerate is working with BNP as it prepares to gauge interest from potential buyers for the Innomotics unit, the people said. Any deal could value the business at €3 billion ($3.3 billion) or more, one of the people said, asking not to be identified because the information is private.

Siemens said last year that it was exploring options including a sale or spinoff for the business, which makes heavy-duty electric motors for ...