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Thyssenkrupp elevator business gets at least 3 bidders

14.11.2019 13:11 "Agro Perspectiva" (Kyiv) Thyssenkrupp has received bids from at least three major bidding groups for a majority stake within Thyssenkrupp (TKAG.DE) elevator business, Reuters reports referring to the people familiar with the matter. It is to be admitted, Thyssenkrupp Elevator Technology (ET), whose sources said could fetch as much as EUR17 milliard (US$18.7 milliard), is the German groups most profitable asset and has been put on the block as the conglomerate needs cash for pensions, to cut debt and invest in its other divisions. As to the report, bidders are pitching to buy a majority of ET, which would command a higher price because it includes a so-called control premium. Reportedly, the bidders are also prepared to take a minority stake if it helps to win over key Thyssenkrupp stakeholders. Activist fund Cevian, which is Thyssenkrupp second biggest shareholder, favors an outright sale, while labour representatives oppose this. Finlands Kone (KNEBV.HE), which has been interested in ET for some time, has submitted a bid and teamed up with private equity firm CVC to address potential antitrust concerns, the people said. Private equity firms Blackstone (BX.N), Carlyle (CG.O) and the Canada Pension Plan Investment Board have also submitted a joint bid, these people said. A third bid came from Advent, Cinven and the Abu Dhabi Investment Authority, the sources said. In meanwhile, Japanese Hitachi (6501.T), which had been the only other strategic suitor apart from Kone, has dropped out of the race, the people said. It is to be admitted, all parties were not immediately available for comment or declined to comment.

Agro Perspectiva

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14.11.2019
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