KONE Withdraws Bid To Purchase thyssenkrupp Elevator

Welcome to the Elevator World News Podcast. Today’s podcast news podcast is sponsored by elevatorbooks.com: www.elevatorbooks.com KONE WITHDRAWS BID TO PURCHASE THYSSENKRUPP ELEVATOR KONE announced on February 17 it has decided to withdraw from discussions to purchase thyssenkrupp Elevator. The company said that, while it believes a combination of its business with thyssenkrupp Elevator would have been "strategically compelling," any acquisition it pursues "would need to come with terms and conditions that are in the best interest of its shareholders, employees and customers." thyssenkrupp said earlier in the month that a sale of its elevator business was "iminent," with analysts expecting the deal to fetch about EUR17 billion (US$18.44 billion). KONE's was one of four bids being considered, but sources reported that Schindler and, probably, Otis would have likely forced a lengthy delay of the deal through worldwide legislation, had the Finland-based vertical-transportation company won the competition. 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