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Thyssenkrupp Shortlists Two Buyout Consortia in Elevator Deal

Steel News - Published on Tue, 18 Feb 2020

Image Source: thyssenkrupp
thyssenkrupp announced that it is making good progress in the preparations for an Elevator transaction. It said “The remaining bidders have submitted more concrete offers. The bids are at a high level and underline the attractiveness of the business. After careful evaluation of an extensive catalogue of criteria, the company has decided to prioritize further negotiations with two consortia of financial investors Blackstone, Carlyle and Canadian Pension Plan Investment Board on the one hand and Advent and Cinven on the other. The objective is to reach an agreement quickly on a majority or full sale.”

It added “thyssenkrupp will therefore prioritize the negotiations with the two aforementioned bidding consortia at this decisive stage and aim for value maximization. If no agreement can be reached with a bidder, an IPO remains an option. This would then be possible from early summer.”

KONE has decided to withdraw from discussions with thyssenkrupp to acquire their Elevator Technology business. It said “KONE continues to believe that a combination of its business with thyssenkrupp Elevator Technology business would have been strategically compelling. However, any acquisition KONE would pursue would need to come with terms and conditions that are in the best interest of its shareholders, employees and customers.”

Thyssenkrupp Elevator employs more than 53,000 people globally, of whom less than 5,000 are based in Germany.

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Posted By : Nishith Sharma on Tue, 18 Feb 2020
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