07/29/2015 10:56 EDT | Updated 07/29/2015 11:59 EDT

Bombardier Denies Report Of Rail Merger With German Giant Siemens

Eine Regionalbahn aus der Produktion von Bombardier Goerlitz faehrt am Donnerstag, 27. September 2007, in Dresden in eine Werkstatt der Deutschen Bahn. (AP Photo/Matthias Rietschel) A regional train of Germanys railway company Deutsche Bahn is on the way to a workshop in Dresden, Thursday, Sept. 27, 2007. (AP Photo/Matthias Rietschel)

MONTREAL - Bombardier is denying a report that it is in talks with Siemens AG about combining its train business with the German conglomerate's rail unit.

Bombardier spokesman Immo von Fallois declined further comment on the report Wednesday by the Wall Street Journal, which cited unnamed sources familiar with the matter as saying the talks are at an early stage and a deal is far from guaranteed.

Siemens spokesman Alexander Becker said the company doesn't comment on speculation.

In May, Bombardier announced plans to launch its rail division as a separate publicly traded entity through an initial public offering.

Bombardier said it would retain majority ownership of the rail unit.

Bombardier Transportation, which is based in Berlin, is one of the largest suppliers of subway, streetcar and other rail equipment in the world.

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