Rolls-Royce said it had agreed to sell its energy gas turbine and compressor business to Siemens for £785m.
Rolls-Royce said late last month it was discussing a possible sale of the business. The deal comes as Siemens emerges as a possible rival to US conglomerate General Electric in bidding for French group Alstom’s power business.
Siemens said today it plans to overhaul its businesses into nine divisions to increase productivity.
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