Source AP ©

Bombardier Inc leads preliminary business talks with Transmashholding

Rail division of Bombardier Inc. was confirmed to be in "very preliminary" talks with Transmashholding, Russia's leading rail technology manufacturer, following an alleged report that OAO Russian Railways wants a piece of the Canadian industrial company.

The Montreal-based company, which owns the world's largest manufacturer of rail equipment, did not specify in its statement Monday what the talks were about but said it was responding to recent media reports.

An online English edition of the Russian newspaper Kommersant reported Monday that Russian Railways is aiming to acquire a stake in Bombardier Transportation in exchange for shares of Transmashholding.

Citing unidentified sources, the report said Russian Railways is buying a stake in Transmashholding from the Dutch company Breakers Investments BV, which recently bought Transmashholding.

Bombardier's release did not mention Russian Railways or Breakers Investments.

A partnership would not be the first between Canadian and Russian industrial companies. A deal was brokered between Ontario-based autoparts maker Magna International and Russian Machines this year.

Bombardier, which is focused primarily aerospace and rail equipment, is one of Canada's leading manufacturing companies. Like Magna, it is publicly traded.

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