Wells Fargo Said to Be Front-Runner to Buy GE Railcar Unit

Wells Fargo & Co. has emerged as the front-runner to buy General Electric Co.’s railcar-financing unit, people with knowledge of the matter said.

An agreement to acquire the business, which has more than $4 billion in assets, could be announced by the U.S. Labor Day holiday Sept. 7, said the people, who asked not to be identified because the matter is private. A deal hasn’t been finalized, the people said. The process remains competitive, one of the people said. Sumitomo Mitsui Financial Group Inc. also is pursuing the business, the people said.