KONE Oyj Submits Non-Binding Offer for Thyssenkrupp's Elevator Business

Date : 01/28/2020 @ 6:24PM
Source : Dow Jones News
Stock : thyssenkrupp AG (TKA)
Quote : 9.336  -0.23 (-2.40%) @ 3:43PM

KONE Oyj Submits Non-Binding Offer for Thyssenkrupp's Elevator Business

Thyssenkrupp (PK) (USOTC:TKAMY)
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By Stephen Nakrosis

 

Finland's KONE Oyj on Tuesday said it made a non-binding offer to acquire the elevator technology business of Thyssenkrupp AG (TKAMY).

KONE said discussions had been held on a non-exclusive basis.

KONE said its announcement came after recent press coverage, and added "KONE issues this statement in order to provide clarity to the markets."

The value of the deal is "reasonably close to the value circulating in the media," KONE said.

Earlier Tuesday Bloomberg, citing "people with knowledge of the matter," said KONE and CVC Capital Partners offered $18.7 billion.

A Thyssenkrupp spokesperson couldn't immediately be reached for comment.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

January 28, 2020 13:09 ET (18:09 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.


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