Germany's state-owned rail operator Deutsche Bahn has initiated the bidding process for its freight and logistics subsidiary DB Schenker.
Many critics believe that Schenker, with its globe-spanning air, sea and ground transport freight services, has not proved to be a good fit for Deutsche Bahn, despite generating profits for the group.
Germany's rail network in increasingly plagued with delays due in part to ageing infrastructure. That has led to demands that Deutsche Bahn - which has hundreds of subsidiaries abroad - focus on its core rail business and domestic market.
The billions expected to be generated from the sale of Schenker could help fund the extensive investments needed in Germany's railways, although much of it is expected to be used to reduce debt.
In December last year, the supervisory board of Deutsche Bahn instructed the group to "examine and prepare" the sale of up to 100% of DB Schenker.
Deutsche Bahn informed the board at the end of September that the review had been completed.
On Tuesday, Deutsche Bahn officially announced it was looking to sell "the entire share capital of Schenker AG in an open, transparent and non-discriminatory process." It said bids should be made by January 15.
A notice of sale was placed in the Wall Street Journal and on Deutsche Bahn's own website.
"The international logistics market offers excellent long-term growth prospects. DB Schenker is well positioned in the market as one of the top four global logistics companies," a Deutsche Bahn press release said, adding however that Schenker will "need more capital and flexibility in the future for its own growth."
Schenker employees some 76,600 people in 130 companies.
