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Kone open to co-shareholding with Thyssenkrupp in elevator deal - Bloomberg

Kone open to co-shareholding with Thyssenkrupp in elevator deal - Bloomberg
FILE PHOTO: An elevator exchanger is pictured inside Thyssenkrupp's elevator test tower in Rottweil, Germany, September 25, 2017. 2017. REUTERS/Michaela Rehle/File Photo -
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Michaela Rehle(Reuters)
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FRANKFURT (Reuters) – Finland’s Kone <KNEBV.HE> is open to a co-shareholding structure in a potential deal to merge with Thyssenkrupp’s <TKAG.DE> elevator division, its chief executive told Bloomberg News.

“Clearly, we would welcome Thyssenkrupp as an owner in this new entity and that way share the long-term benefits with us,” Henrik Ehrnrooth told the agency in an interview.

Kone could bid for Thyssenkrupp’s elevator division – which the ailing conglomerate has put up for sale – through a mix of cash and shares, which might give Thyssenkrupp a minority stake in the merged entity, people close to the deal have said.

Kone is the world’s third-largest maker of elevators behind U.S.-based Otis <UTX.N> and Switzerland’s Schindler <SCHP.S>. Thyssenkrupp Elevator Technology, which some analysts say could be worth as much as 17 billion euros (£15.15 billion), ranks fourth.

(Reporting by Christoph Steitz; Editing by Michelle Martin)

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