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2/17, 6:29 PM (Source: TeleTrader)
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Kone out of Thyssenkrupp deal, buyout firms in play

German steel manufacturer ThyssenKrupp AG revealed on Monday that Finnish engineering and service company Kone withdrew from the elevator unit deal worth €16 billion, so the company focused on two private equity consortia that are still part of the negotiations.

"The remaining bidders have submitted more concrete offers. The bids are at a high level and underline the attractiveness of the business," Thyssenkrupp said in a statement.

Thyssenkrupp’s supervisory board is expected to make a decision on the transaction that could've been Europe's largest private-equity deal in 13 years, if the Finnish engineering company stayed in the arrangement.

Breaking the News / ND