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Thyssenkrupp Elevators Unit Battle Heats Up - Report

Steel News - Published on Thu, 17 Oct 2019

Image Source: IndustryWeek
Bloomberg quoted people familiar with the matter as saying that the battle for Thyssenkrupp AG’s elevator unit is heating up as rival bidders Kone Oyj and Blackstone Group Inc position themselves with potential partners for a deal that could fetch more than 15 billion euros. Sources said that “Finnish elevator maker Kone is in talks with CVC Capital Partners about teaming up in an offer for the business and Blackstone and Carlyle Group LP have partnered for their own planned joint bid.”

A partnership between Kone and CVC would be a way to address significant antitrust concerns, with CVC acquiring elevator assets in places such as Europe where Thyssenkrupp and its Finnish rival have significant overlap, they said. The talks with CVC are one of several partnership options that Kone is exploring. CVC is also discussing whether it could bid independently in addition to pursuing a joint offer with Kone, two of the people said. No final decisions have been made, and there’s no certainty the suitors will proceed with formal bids, the people said.

Kone and Blackstone will still face stiff competition from other suitors. Brookfield Asset Management Inc and a consortium of Advent International, Cinven and the Abu Dhabi Investment Authority remain in the running, according to the people. The other strategic bidder is Japan’s Hitachi Ltd., the people said.

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Posted By : Ratan Singh on Thu, 17 Oct 2019
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