NEW YORK -- More than one bidder has offered to buy up to 20 percent of the auto parts business of TRW Inc., and the offers will be handed over to Northrop Grumman Corp., which has agreed to acquire TRW, sources familiar with the situation said on Monday.
TRW, a defense and auto parts company, has not received any offers for the whole of the auto parts business, the sources said.
Defense contractor Northrop plans to sell or spin off TRW's auto parts business.
Northrop is buying TRW in a deal worth about $7.8 billion.
Sources familiar with situation have told Reuters that some private equity firms, including New York-based Blackstone Group, have offered to buy a stake in the business.