Thyssenkrupp Elevators Attracts Several Bids

Image Source: static.dezeen.com/

Bloomberg reported that several firms have submitted bids for Thyssenkrupp AG’s elevator unit by last week’s deadline. Sources said “Finnish elevator maker Kone Oyj partnered with CVC Capital Partners to make a joint offer, Blackstone Group Inc submitted a bid with Carlyle Group LP and Canada Pension Plan Investment Board, Brookfield Asset Management Inc and a separate consortium of Advent International Cinven and the Abu Dhabi Investment Authority lodged their own bids. The Brazilian American investment firm 3G Capital has also submitted bid.”

Suitors are also prepared to make concessions on jobs and sites to persuade labour representatives at Thyssenkrupp, which control half of the group’s 20-member supervisory board.

Thyssenkrupp is exploring a sale of elevators, its most valuable asset, to generate much-needed cash and fund a turnaround of the steel-to-automotive conglomerate. It’s still debating whether to sell a majority or minority stake in its crown jewel, the people said. It’s also been making separate preparations for a potential initial public offering.

Source : Bloomberg