The division’s freefloat, or portion of publicly traded shares, may be between 40 percent and 60 percent if the share sale goes ahead, said the people, who declined to be identified because talks are private. Lazard Ltd. is advising Rheinmetall and Deutsche Bank AG, Commerzbank AG and Bank of America Corp.’s Merrill Lynch unit are managing the IPO, they said. The Dusseldorf, Germany-based company said in a…