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Tuesday, February 18


News

Union sets out demands as $17 billion Thyssenkrupp elevator sale nears endgame

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(Reuters) - Any new owner of Thyssenkrupp's (TKAG.DE) prized elevator unit not only has to provide guarantees against job cuts and plant closures, but also commit to staff involvement and investment plans, Germany's largest union told Reuters. "We want to conclude the negotiations as fast as possible and then sign an agreement with the chosen buyer," IG Metall's Knut Giesler, chief staff negotiator in Thyssenkrupp's efforts to sell its elevator division, said on Tuesday. Thyssenkrupp on Monday narrowed the field of bidders for the world's fourth-largest lift maker and was focusing on selling a majority or all of the unit to either Blackstone (BX.N), Carlyle (CG.O) and the Canada Pension Plan Investment Board, or Advent and Cinven [CINV.UL]. "There are two, three things that still need to be ironed out. That's the task of the next one and a half weeks," said Giesler, who serves as deputy chairman of the supervisory board of Thyssenkrupp Elevator Technology.

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Monday, February 17


News

Buyout Firms Lead $17 Billion Battle for Thyssenkrupp Unit

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(Bloomberg) -- Two groups of private-equity firms are through to the next round in the heated takeover battle for Thyssenkrupp AG’s $17 billion elevator business, a sale which could rank as one of the biggest deals globally this year. The shortlist of potential buyers consists of a consortium backed by Blackstone Group Inc., Carlyle Group Inc. and Canada Pension Plan Investment Board and a second group of Advent International, Cinven and the Abu Dhabi Investment Authority. Labor representatives and some executives were worried Kone’s bid faced a lengthy and unpredictable competition review and could lead to a break up of the elevator business, people familiar with the matter said earlier this month. At that price, it would also be the biggest private-equity acquisition in Europe since 2007, when KKR took Alliance Boots Plc private in a deal valued at more than $23 billion including debt, according to data compiled by Bloomberg.

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Friday, February 14


News

Thyssenkrupp Elevator Bidders on Edge as Decision Looms

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(Bloomberg) -- The four remaining bidders vying to acquire Thyssenkrupp AG’s elevator business have been left anxiously waiting as board members at the beleaguered industrial conglomerate fight over their preferred buyers. The steelmaker’s board has been debating which suitors to choose for final negotiations after receiving the latest bids on Feb. 11, with diverging views among various executives and labor representatives, according to people familiar with the matter. The crux of the debate: whether to take the highest offer, from Finnish rival Kone Oyj, despite antitrust risks or go with competing bids from private-equity suitors that don’t have competition issues. The German company’s aborted attempt to merge its steel business with Tata Steel Europe still haunts executives, who thought European Union Competition Commissioner Margrethe Vestager unfairly torpedoed the plans. Some private equity suitors have offered major Thyssenkrupp investors the chance to keep a minority stake in the elevator unit and have discussed plans to relist the business in Germany in a few years, people with knowledge of the matter have said.

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Thursday, February 13


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Thyssenkrupp Elevator Bidders on Tenterhooks as Decision Looms

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(Bloomberg) -- The four remaining bidders vying to acquire Thyssenkrupp AG’s elevator business have been left anxiously waiting as board members at the beleaguered industrial conglomerate fight over their preferred buyers. The steelmaker’s board has been debating which suitors to choose for final negotiations after receiving the latest bids on Feb. 11, with diverging views among various executives and labor representatives, according to people familiar with the matter. The crux of the debate: whether to take the highest offer, from Finnish rival Kone Oyj, despite antitrust risks or go with competing bids from private-equity suitors that don’t have competition issues. It has also promised a multibillion-euro upfront payment that Thyssenkrupp would keep even if the deal is blocked by competition authorities, Bloomberg News reported last month. Some executives at Thyssenkrupp fear that heavy scrutiny from European antitrust authorities on a Kone bid would lead to months of delays and perhaps the ultimate failure of the deal.

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Elevator sale in focus in competitive process - Thyssenkrupp CFO

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SECTIONS. Home. Business. Markets. World. UK. Technology. Money. About Cookies On The Site. We use cookies to personalize and enhance your experience on our site. Visit our Privacy Policy to learn more or manage your personal preferences in our Cookie Consent Tool. By using our site, you agree to our use of cookies. Elevator sale in focus in competitive process - Thyssenkrupp CFO. (Reuters) - A sale of Thyssenkrupp's (TKAG.DE) elevator division is currently in focus, the group's finance chief said on Thursday, adding an ongoing auction was "very competitive". Speaking to journalists after releasing first-quarter results, Johannes Dietsch said a listing still remained an option for the unit, adding the group would make decisions quickly as the process is in its final stages.

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Thyssenkrupp Says Elevator Sale Is Imminent as Losses Mount

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Thyssenkrupp AG said it expects to make a decision on its elevator sale soon and released quarterly results that laid bare the company’s rapidly deteriorating finances. The results show just how badly the German engineering conglomerate needs to orchestrate a sale of the elevator business, which could fetch more than 15 billion euros ($16.3 billion), and stave off a broader collapse. Worsening finances could complicate the decision-making process for the elevator sale. Some Thyssenkrupp executives and labor representatives are concerned a bid by Finland’s Kone Oyj would face a lengthy and complicated antitrust review, according to people familiar with the matter. The Kone consortium has been competing with three rival bidding groups led by Blackstone Group Inc., Advent International and Brookfield Asset Management Inc. Some private equity suitors have offered major Thyssenkrupp investors the chance to keep a minority stake in the elevator unit and have discussed plans to relist the business in Germany in a few years, the people said.

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Steel becomes new problem child as Thyssenkrupp posts profit drop

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Steel becomes new problem child as Thyssenkrupp posts profit drop. Imports from China and weak demand from the car industry have pummelled steelmakers across the continent, including German rival Salzgitter (SZGG.DE) and the local division of India's Tata Steel (TISC.NS). Thyssenkrupp's loss highlights the challenges it will face in revamping the business, which, along with materials trading, will be the backbone of Thyssenkrupp once the sale of its elevator business is decided at the end of the month. The division posted an adjusted operating loss of 164 million euros (£137.7 million) in the first quarter versus a profit of 38 million a year earlier, blaming a "significant drop in demand from the auto industry".

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Thyssenkrupp's first-quarter profit drops as steel becomes new problem child

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Thyssenkrupp's first-quarter profit drops as steel becomes new problem child. (Reuters) - Thyssenkrupp posted a 77% drop in adjusted operating profit in the first quarter, blaming a weak automotive market while its steel division, part of the group's core following a planned divestment of its elevator business, swung to a loss. First-quarter adjusted earnings before interest and tax (EBIT) fell to 50 million euros ($54.35 million), the group said on Thursday. Thyssenkrupp's steel unit posted an adjusted operating loss of 164 million euros in the first quarter, compared with a profit of 38 million in the same period last year, blaming a "significant drop in demand from the auto industry".

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Tuesday, February 11


News

Thyssenkrupp appoints Bernhard Osburg as CEO of Steel Europe unit

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Thyssenkrupp appoints Bernhard Osburg as CEO of Steel Europe unit. (Reuters) - Thyssenkrupp AG (TKAG.DE) said Bernhard Osburg will succeed Premal Desai as Chairman of the Executive Board of Thyssenkrupp Steel Europe AG. He departs because of differing views on the direction of the steel business and by mutual agreement, Thyssenkrupp said. Klaus Keysberg, Member of the Executive Board of Thyssenkrupp AG, responsible for the materials businesses and Chairman of the Supervisory Board of Thyssenkrupp Steel Europe AG, said, “The strategy developed by the Steel Executive Board last December remains the right one.

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Monday, February 10


News

Kone Faces Uphill Battle to Buy Thyssenkrupp Elevators

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(Bloomberg) -- Finland’s Kone Oyj is facing an uphill battle in its attempt to acquire Thyssenkrupp AG’s prized elevator unit as a crucial deadline approaches, people familiar with the matter said. Thyssenkrupp labor representatives and some executives are becoming increasingly worried that a sale to Kone and co-bidder CVC Capital Partners would face a lengthy, unpredictable competition review, according to the people. Thyssenkrupp has asked for final offers by Feb. 11 and then plans to narrow the field of bidders to two, the people said, asking not to be identified because the information is private. The Kone consortium is competing with three rival bidding groups led by Blackstone Group Inc., Advent International and Brookfield Asset Management Inc. Some private equity suitors have offered major Thyssenkrupp investors the chance to keep a minority stake in the elevator unit and have discussed plans to relist the business in Germany in a few years, the people said.

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