Bain, Lone Star Are Said to Eye Mitsubishi Electric’s Auto Unit

Bain Capital and Lone Star Funds have advanced to a second round of bidding for Mitsubishi Electric Corp.’s automotive equipment business, according to people familiar with the matter.

The US investment funds are among shortlisted firms following an initial round last month, the people said, asking not to be identified because the information is private. Considerations are ongoing and no final decision has been made, the people said.