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German electronics giant Siemens confirmed it is selling seven engineering businesses to U.S. private equity firm Kohlberg Kravis Roberts & Co. for about $1.69 billion as it focuses on putting core units in order. The businesses will be transferred to a new holding company called Demag Holding in which KKR will have an 81% stake and Siemens a 19% stake, but they will be managed separately.

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Palm Inc.’s board will seek a reverse stock split in an effort to boost its sagging stock and better position the company for the planned spinoff of its software division, PalmSource. Subject to shareholder approval, the board would choose a reverse stock split ratio from 1-for-10 to 1-for-20. Palm shares fell 8 cents to $1.36 on Nasdaq, before the news was announced, and declined an additional 13 cents in extended trading.

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General Mills Inc., maker of Pop Secret popcorn, claims in a lawsuit that ConAgra Foods Inc.’s Orville Redenbacher brand is stealing its patented method for making microwave popcorn with coarse salt.

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Saks Holdings Inc. sold most of its private-label credit-card business to Household International Inc., a consumer finance company, for more than $300 million in cash.

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* Beckman Coulter Inc., a maker of medical diagnostic equipment, reported a 14% increase in second-quarter net income to $41.9 million, or 64 cents a share, as sales rose 4% to $516.1 million.