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...Manufacturers, ranging from giant corporations to smaller companies in the country’s famed Mittelstand, have already been hit by rising inflation and a rapid increase in interest rates....
...Thyssenkrupp has been through a painful retrenchment, which included the €17bn disposal of its elevator business. But further divestments would be desirable....
...The company, which Lex values at just under €3bn, is a joint venture between Germany’s Thyssenkrupp and De Nora of Italy....
...In January 2007, with the financial crisis looming, he sold the company, Reckson Associates Realty Corporation, to SL Green for $6.5bn....
...In 2020 as the coronavirus pandemic disrupted markets, the group had been on the hook for the largest bridge loan in Europe, backing the €17bn buyout of ThyssenKrupp’s elevator division....
...The €17.2bn price tag for Thyssenkrupp’s elevator business looks steep today, following the drop in valuations since their peak just a few weeks ago....
...trading update US, April CPI data Results: Compass H1, Continental Q1, E.On Q1, ITV Q1, Manulife Financial Corporation Q1, Mediobanca Q1, Panasonic FY, Suzuki Motor Corporation FY, Takeda FY, ThyssenKrupp...
...in the elevator unit....
...Increased capital spending and restructuring costs will take a toll....
...Unable to escape a steady decline over the past decade, Thyssenkrupp sold its lucrative elevators business to a private equity consortium for €17bn in February, to help it pay down billions of euros in debt...
...The Howard Hughes Corporation, which he chairs, bought a parking lot in the South Street Seaport’s historical district for $180m in 2018....
...This year, the German industrial group sold its elevators division for €17bn to private equity investors and preliminary talks have been held on a tie-up with Swedish steelmaker SSAB and Indian group Tata...
...“To solve its many problems, Thyssenkrupp steel needs capital, not a new owner,” said Jürgen Kerner, head treasurer of IG Metall and a member of the company’s supervisory board....
...Having already sold off its profitable elevator division, a further break-up looks inevitable....
...The private equity groups behind the acquisition of Thyssenkrupp Elevators, Europe’s biggest leveraged buyout in a decade, have backed down in a stand-off with bond and loan investors, agreeing to tighten...
...Germany’s Thyssenkrupp, which is selling its profitable elevators division, released a statement saying it had chosen to “prioritise” talks with two private equity groups —— one led by Blackstone and Carlyle...
...Thyssenkrupp, Europe’s second-largest steelmaker, is the natural candidate to lead any shake-up after the conglomerate offloaded its elevators business for €17bn earlier this year....
...Cinven, one of the Thyssenkrupp lifts unit buyers, struggled to sell down a stake it had bought at pre-crisis prices....
...The writer is chairman of CaixaBank A fight has broken out over the future of Thyssenkrupp. Activist shareholders want the German industrial giant to sell off its highly profitable elevator division....
...Kone and several private equity bidders have been circling Thyssenkrupp’s elevator unit for months after the struggling industrial conglomerate earmarked it for sale last year....
...It features as retained corporate earnings rather than footloose investment capital....
...At least as far as global capital markets are concerned, writes the FT’s Hudson Lockett from Hong Kong....
...Brookfield Asset Management, the Canadian asset manager and one of the world’s largest real estate investors, is also interested. 3G Capital, which alongside Warren Buffett’s Berkshire Hathaway owns Kraft...
...In late February, the banks and four other lenders agreed to underwrite the debt supporting Advent International and Cinven’s €17bn acquisition of Thyssenkrupp's elevator business....
...Buyout groups have started paying prices for deals that “up until now were more or less reserved to [corporations]”, which can generally afford to pay more because they can save costs in a merger, another...
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