Two private equity consortia are facing off for Thyssenkrupp’s €16bn elevator unit after a better bid from Finnish industry rival Kone was squashed by antitrust concerns.
Thyssenkrupp said it was prioritising negotiations with the two consortia – one comprising Blackstone, Carlyle and the Canada Pension Plan Investment Board, the other including Advent and Cinven.
A statement from the firm said, “Thyssenkrupp is making good progress in the preparations for an elevator transaction.
“The remaining bidders have submitted more concrete offers. The bids are at a high level and underline the attractiveness of the business.
It added, “The objective is to reach an agreement quickly on a majority or full sale.
“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.”
The Abu Dhabi Investment Authority and Germany’s RAG were previously believed to be part of the Advent and Cinven consortium, but were not mentioned by Thyssenkrupp in the statement.
A competing bid from Brookfield and Singapore sovereign investor Temasek now seems to be dead.
Thyssenkrupp Elevator Technology achieved €8bn of sales for the year 2018/2019, according to its website.
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