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...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....
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...The onset of the pandemic for the sector was marked by Europe’s biggest private equity deal in more than a decade: Schindler’s smaller rival Thyssenkrupp Elevator was bought from its eponymous German parent...
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...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....
...The German conglomerate’s elevator business is strongest in North America, which represented about half of its profits last year. Bloomberg first reported Kone’s €17bn bid....
...“There are plenty of profits left to realise in elevators and all of Thyssenkrupp should benefit,” said Mike Schürg of the IG Metall union, which favours a partial sale or flotation of the business....
...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....
...s elevators unit....
...This includes, he added, “a professional process that maximises value for Thyssenkrupp, and gives the elevator business an independent future”, referring to the now inevitable sale or float of the company...
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...German industrial conglomerate Thyssenkrupp is expected to report a big third-quarter operating loss of about €1bn on Thursday....
...The $16bn race to buy Thyssenkrupp’s elevator unit may reach its conclusion while the conference is under way....
...Following weeks of a fiercely-contested bidding process, Thyssenkrupp finally selected the winning bid for its prized elevator unit....
...The groups had pulled off Europe’s biggest buyout in more than a decade and tapped into the stuff of private equity dreams: Thyssenkrupp’s reliable revenues from elevator-servicing contracts....
...The Krupp Foundation, a charity whose small staff is housed at the 19th-century site, is the largest single shareholder in Thyssenkrupp, the industrial giant that’s selling off its elevators division....
...As a result, banks will probably prioritise their balance sheets for certain areas, making them less willing to back deals like the buyout of Thyssenkrupp’s elevator unit....
...Selling off the elevator unit may prompt a rebound in ThyssenKrupp’s share price, but the prospect of the company rejoining the Dax appear slim....
...Beyond the Square Mile Thyssenkrupp has clinched what is expected to be one of the largest ever buyout deals in Europe by agreeing to sell its elevator division to private equity groups Advent and Cinven...
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