Deals
Kone Makes Highest Offer for Thyssenkrupp Elevators
- Finnish elevator firm, CVC made joint bid of around 17b euros
- Kone seeks to outbid PE funds to overcome antitrust concerns
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Kone Oyj handed in the highest offer for Thyssenkrupp AG’s elevator business, as the Finnish company tries to outbid buyout firms by a wide enough margin to overcome antitrust concerns, people with knowledge of the matter said.
Kone, which has teamed up with CVC Capital Partners, offered around 17 billion euros ($18.7 billion) this week, said the people, who asked not to be identified because discussions are private. Kone confirmed in a statement Tuesday that it made a non-binding bid for Thyssenkrupp’s elevator unit that’s “reasonably close to the value circulating in the media.”