Kone out as Thyssenkrupp shortlists private equity for elevator division
) and the Canadian Pension Plan Investment Board and another led by Advent and Cinven [CINV.UL].
The steel-to-submarines group now plans to let the two consortia battle it out in a final round, hoping they will raise their bids to beyond the roughly 16 billion euros offered so far. Views in Thyssenkrupp’s 20-member supervisory board had differed over whether to weed out Kone’s bid - the highest in terms of value but also the riskiest in terms of execution - people familiar with the matter said.
Labor unions, which control half of Thyssenkrupp’s supervisory board, were opposed to a deal with Kone from the get-go, fearing it would lead to substantial job cuts.
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