Three bidders line up for Emerson's Leroy Somer - sources
FRANKFURT/PARIS, July 8 (Reuters) - Emerson Electric's alternator unit Leroy Somer is expected to attract firm offers from two Chinese companies as well as one buyout group in a potential 1 billion euro ($1.1 billion) deal, people familiar with the matter said.
Private equity group Clayton Dubilier & Rice (CD&R), as well as Wolong Electric and another Chinese company are currently conducting due diligence on Leroy Somer and preparing to hand in final bids later this month, the sources said.
Emerson wants to focus its business on process automation as well as heating and air conditioning and in April launched the sale of its Motors and Drives unit, which consists mainly of Leroy Somer. It wants to chose a buyer before the August summer break, one of the people said.
CD&R declined to comment, while Emerson, Wolong and the French government were not immediately available for comment.
($1 = 0.9028 euros) (Reporting by Arno Schuetze and Gilles Guillaume)
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