Thyssenkrupp’s big lift deal puts time over price edwardcropley
Thyssenkrupp said on Feb. 17 it had narrowed the shortlist of potential buyers for its elevator business to two private equity consortia comprising Blackstone, Carlyle and the Canadian Pension Plan Investment Board; and Advent International and Cinven, backed by the Abu Dhabi Investment Authority and Germany’s RAG-Stiftung.
The German industrial group’s decision eliminates rival Finnish lift maker Kone and another consortium including Canada’s Brookfield Asset Management and Singapore’s Temasek. Thyssenkrupp shares were down 3.3% at 10.825 euros by 1529 GMT on Feb. 17. Shares in Kone were down 4.8% at 55.12 euros.
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