Doors closing

17 February 2020 By Ed Cropley Follow @edwardcropley

The German group has narrowed the field of bidders for its elevator division to two private equity consortia. Trade buyer Kone’s 17 bln euro premium offer is out. Thyssenkrupp insists an IPO remains an option, but its need for a clean, quick deal implies otherwise.

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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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