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Bombardier Inc. jumped on a Wall Street Journal report that the Canadian maker of planes and trains is in talks to sell its private-jet unit to Textron Inc. Shares of Textron also surged as analysts said a deal would strengthen its hand in the luxury-aircraft business.

The negotiations have been going on for several weeks, and the terms of the potential transaction are unclear, the Journal reported Tuesday, citing people familiar with the matter. There’s no guarantee that the discussions will result in any agreement, the newspaper said. Bombardier declined to comment. Textron didn’t immediately respond to a request for comment.

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A deal would provide a welcome cash injection for debt-laden Bombardier while removing what was supposed to be a pillar of its future. Once a Canadian industrial champion, Bombardier has also been holding talks to combine its rail-equipment unit with France’s Alstom SA and is considering an exit from a joint venture with Airbus SE to make the A220 jetliner. Bombardier agreed last year to sell its regional-jet business to Mitsubishi Heavy Industries Ltd.