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Thyssenkrupp Shortlists Three Private Equity Consortia in Elevator Sale

Steel News - Published on Tue, 21 Jan 2020

Image Source: reutersmedia.net
Reuters, citing people close to the matter, reported that Thyssenkrupp has shortlisted three private equity consortia in the auction of its prized 15 billion euro elevator businessd and that peer Kone could still submit a bid later this month. Sources said “Germany’s RAG Stiftung remain in the running as does a bidding team led by Carlyle and Blackstone and a third group led by Brookfield. Kone, which is working with private equity firm CVC, has been given time until January 27 to submit an offer.”

Thyssenkrupp, under pressure after numerous profit warnings, needs to rake in cash by selling all or part of its elevator business, the world’s fourth-largest industry player and by far the group’s most profitable asset. The group has launched a dual-track process for the division, which could result in a sale or a listing, but chances for the latter are seen dwindling as proceeds from a partial flotation might not be sufficient.

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Posted By : Rabi Wangkhem on Tue, 21 Jan 2020
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