Finland's Kone is assessing the viability of a bid for Thyssenkrupp's ...
FRANKFURT/DUESSELDORF - Finland’s Kone is assessing the viability of a bid for Thyssenkrupp’s 14 billion euro elevators division even as the German conglomerate pursues plans to list it, four people familiar with the matter said.
The sources said it was not clear if Kone could fund an all-cash bid and whether or not the deal would face significant anti-trust hurdles similar to Thyssenkrupp’s failed steel joint venture with Tata Steel. Analysts at Barclays said although the merger would be likely to face opposition from Thyssenkrupp’s labor representatives, a deal with Kone would result in 3-4 billion euros of synergies attributable to the German firm.
Thyssenkrupp boss Guido Kerkhoff, who is under pressure to deliver after the botched overhaul, hopes an IPO of a minority stake in the elevators business would repair the group’s stretched balance sheet. Thyssenkrupp has not given a timeframe for the listing, only saying it wants to be market ready in the next financial year which starts in October. One source said a flotation in the second quarter of 2020 was not unrealistic.
Possible deals for other Thyssenkrupp activities include tie-ups for the steering business in its automotive division or a merger of Industrial Solutions, which builds plants and industrial sites, with Linde, the sources said.
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