ZF Friedrichshafen Said to Tap Citigroup for Safety Systems Sale

ZF Friedrichshafen AG, an auto parts supplier to the likes of BMW AG, has hired Citigroup Inc. to advise on the possible sale of its passive safety systems division, people familiar with the matter said.

The privately-held engineering group selected the US bank to explore strategic options including a full or partial sale, as well as a listing in 2024, according to the people. The business may be worth more than €3 billion ($3.2 billion), they said, asking not to be identified discussing confidential information.

ZF last year announced plans to carve out the passive safety unit by ...