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Bombardier Inc.'s (BBD.B-T) train unit has partnered with Siemens AG for what could be a $3 billion-plus US share of a high-speed rail contract in Germany, the Canadian company said on Monday.
Bombardier Transportation said it has signed a framework agreement with Siemens, Europe's biggest engineering conglomerate, to develop and supply parts for up to 300 high-speed trains for German national rail operator Deutsche Bahn AG.
The initial order for 130 trains with Siemens is worth 1.3 billion euros ($1.8 billion) to Montreal-based Bombardier, the world's largest passenger-train maker.
Deutsche Bahn, Europe's biggest transport group by revenue, plans to place an additional order of 90 trains with Siemens, Bombardier said.
The combined order for the 220 trains would amount to sales of about 2.1 billion euro ($3 billion) for Bombardier.
"It is very likely they will get the $3 billion... But these things are very long-term agreements," Canaccord Genuity analyst David Tyerman said.
The framework agreement between Siemens and Deutsche Bahn also includes an option for up to 80 additional trains that could be ordered at any time until 2030, Bombardier said.
The production of the ICx high-speed trains will start in the summer of 2013. Bombardier will supply Siemens with body shells as well as trailer bogies for the new fleet. It will also do the final assembly of all end coaches and some intermediate coaches.