Leoni starts talks for wire and cables division, sources say

FRANKFURT -- German partsmaker Leoni has started holding meetings with prospective buyers for its wire and cables division, which it has put on the block in a bid to bolster its cash position, people close to the matter said.

Having sent out information packages earlier this month, Leoni's management is now holding informal talks with potential bidders, the sources said. Preparations for a listing of the unit have been delayed given market conditions, they added.

Leoni is hoping to entice peers such as Huber+Suhner, Prysmian, Adient or Deren, to buy the unit, they said, adding that private equity groups such as Triton, Bain or KKR were also being targeted.