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Thyssenkrupp Elevator Suitors Sign Fair Owner Pledge

Steel News - Published on Mon, 24 Feb 2020

Image Source: Thyssenkrupp Elevator
Reuters reported that two consortia bidding for Thyssenkrupp’s 16 billion euro elevator division have signed a fair owner agreement, a key demand by labour union IG Metall to protect jobs. The move leaves wide open the race for the asset, potentially Europe’s biggest private equity transaction since 2007, ahead of a Feb. 27 meeting of Thyssenkrupp’s supervisory board where a final decision could be made.

Two consortia are battling it out: Blackstone, Carlyle and the Canada Pension Plan Investment Board on one side and Advent and Cinven, supported by the Abu Dhabi Investment Authority and Germany’s RAG foundation, on the other.

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Posted By : Yogender Pancholi on Mon, 24 Feb 2020
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