Buyout Firms Vie for GE's Railcar Leasing Unit

Private-equity firms Warburg Pincus and TPG Capital are said to be cooperating on a bid for General Electric's

railcar leasing business, which has about $3 billion in assets. Private-equity firms Cerberus Capital Management and Apollo Global Management also reportedly have made bids. Final bids are expected by June 23. GE hired Morgan Stanley

to find a buyer for its railcar leasing business earlier this year, its second attempt to sell the unit in three years. Dallas-based railcar manufacturer Trinity Industries

bid for the unit in 2008 but isn't involved in the sale this time around. CEO Jeffrey Immelt has been trying to divest various GE Capital businesses over the past few years. GE stock has pulled back about 8% in the past month to close yesterday at $18.48 a share. But the share price is up more than 20% year-over-year, roughly in line with the broader markets.