KONE Says It Has Made Bid For thyssenkrupp Elevator

Welcome to the Elevator World News Podcast. Today’s podcast news podcast is sponsored by elevatorbooks.com: www.elevatorbooks.com KONE SAYS IT HAS MADE BID FOR THYSSENKRUPP ELEVATOR KONE has submitted a nonbinding offer to acquire thyssenkrupp Elevator, the Finland-based OEM announced on January 28, adding that its offer "is reasonably close to the value circulating in the media." Recent reports have valued thyssenkrupp Elevator, the German conglomerate's most-profitable division, at EUR15 billion-EUR17 billion (US$16.6 billion-US$18.9 billion). KONE said its bid "is based on certain assumptions about the business, and the terms of a potential binding offer could deviate from the current nonbinding offer." It said its interest in thyssenkrupp Elevator revolves around a "highly complementary geographical footprint of the businesses," in addition to other factors, including the potential that could arise from combining the companies' innovation efforts. KONE said its discussions with thyssenkrupp have been on a non-exclusive basis. Earlier reports said KONE may team up with private equity firm CVC, but the announcement made no mention of such a partnership. Other potential bidders have been named in previous reports, including several teams of investment firms and one other OEM, Japan-based Hitachi Elevator. Image credit: courtesy of Wikipedia To read the full transcript of today's podcast, visit: elevatorworld.com/news Subscribe to the Podcast: iTunes │ Google Play | SoundCloud │ Stitcher │ TuneIn