Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Thyssenkrupp sticks to elevator listing plan amid bid talk

Thyssenkrupp sticks to elevator listing plan amid bid talk
FILE PHOTO: A logo of Thyssenkrupp AG is pictured at the company's headquarters in Essen, Germany, November 21, 2018. REUTERS/Thilo Schmuelgen -
Copyright
Thilo Schmuelgen(Reuters)
Euronews logo
Text size Aa Aa

DUESSELDORF (Reuters) – Thyssenkrupp is sticking to plans to list a minority stake in its elevator unit, the group’s chief executive said on Wednesday, amid renewed speculation that Finland’s Kone could bid for the division.

“We want to list a minority on the stock exchange,” Guido Kerkhoff said during an event at the University of Duesseldorf.

Asked whether he would also consider a sale of the unit, valued at about 14 billion euros ($16 billion), Kerkhoff said: “There is nothing new to report.”

The steel industry continues to suffer from high raw material costs and cut-throat price competition, which makes it hard for any steel producer to make money, Kerkhoff also said.

“I don’t see this trend changing at the moment,” he told Reuters on the sidelines of the event.

(Reporting by Chris Steitz and Tom Kaeckenhoff; Editing by Edward Taylor and Douglas Busvine)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.