TKAMY - thyssenkrupp AG

Other OTC - Other OTC Delayed Price. Currency in USD
10.85
-0.36 (-3.26%)
At close: 3:57PM EST
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Previous Close11.21
Open10.95
Bid0.00 x 0
Ask0.00 x 0
Day's Range10.82 - 11.00
52 Week Range10.24 - 16.15
Volume67,885
Avg. Volume23,011
Market Cap6.785B
Beta (5Y Monthly)1.79
PE Ratio (TTM)723.00
EPS (TTM)0.01
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateFeb 03, 2019
1y Target EstN/A
  • Thyssenkrupp shortlists buyout firms for elevator unit, Kone out
    Reuters

    Thyssenkrupp shortlists buyout firms for elevator unit, Kone out

    FRANKFURT/DUESSELDORF, Germany (Reuters) - Germany's Thyssenkrupp has shortlisted two private equity consortia in the sale of its 16 billion euro ($17 billion) elevator unit, dealing a blow to Finland's Kone, which withdrew from the closely watched deal. Potentially Europe's biggest private-equity deal in 13 years, the transaction is now in its last stages and could come to a head next week when Thyssenkrupp's supervisory board is scheduled to meet. The cash-strapped conglomerate said it would focus on negotiations with two private equity consortia: one consisting of Blackstone, Carlyle and the Canadian Pension Plan Investment Board and another led by Advent and Cinven.

  • Financial Times

    Thyssenkrupp raises possibility of having to give away factory unit

    Ailing German industrial group Thyssenkrupp may be forced to give away a core part of its business as part of efforts to plug a multibillion-euro hole in its finances. Thyssenkrupp is hoping to dispose of all or part of its lossmaking factory-building division after it has sold or floated its profitable lift-making business, leaving it to focus on the turnround of the remainder of the company — primarily steel, materials and auto components. Chinese state-owned enterprises are among those that have been sounded out by bankers on behalf of Thyssenkrupp over a possible purchase of part or all of the factory business, which builds and services chemical, cement and mining facilities.

  • Thyssenkrupp Elevator Bidders on Edge as Decision Looms
    Bloomberg

    Thyssenkrupp Elevator Bidders on Edge as Decision Looms

    (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. A decision, which was expected in the last two days, is now dragging on into Friday or beyond, the people said.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 deal would be the biggest acquisition in Europe this year, according to data compiled by Bloomberg.Kone’s consortium increased its bid to more than 17 billion euros ($18.4 billion) in the latest round in an attempt to widen the gulf with its rivals, the people said, asking not to be identified because the information is private. Bidding groups led by Blackstone Group Inc., Advent International and Brookfield Asset Management Inc. each offered close to 16 billion euros, according to the people.Deteriorating FinancesThyssenkrupp, once an emblem of German industrial prowess, can barely afford to wait. The steelmaker has been bruised by a manufacturing slowdown and rising pension costs. The company on Thursday announced quarterly results that laid bare the company’s rapidly deteriorating finances as debt surged and losses deepened.The three private equity bidders are each pitching why they’d be the best owner. Blackstone, which teamed up with Carlyle Group Inc. and Canada Pension Plan Investment Board, made the highest offer among the buyout groups by this week’s deadline, according to the people. A consortium including Advent, Cinven and the Abu Dhabi Investment Authority is touting its track record doing large German deals.Brookfield, which partnered with Temasek Holdings Pte, has told labor unions it plans to reinvest in the business, the people said. Discussions are ongoing, and suitors are still making tweaks to their offers, the people said.Representatives for Advent, Blackstone, Brookfield and Kone declined to comment. Thyssenkrupp has said it will make a decision by the end of February, according to a representative for the company, who declined to comment further.Antitrust ConcernsThyssenkrupp Chief Financial Officer Johannes Dietsch said Thursday a deal with a strategic investor would mean the company only receives the money after a long, thorough antitrust review. This must be taken into account when Thyssenkrupp decides the best way forward, Dietsch said on a conference call with reporters.Shares of Thyssenkrupp were up 1.1% at 9:16 a.m. Friday in Frankfurt, giving the company a market value of 7 billion euros.Finland’s Kone, the only remaining strategic bidder, has tried hard to address concerns about a drawn-out competition review. It plans to hand the elevator operations in Europe to bidding partner CVC Capital Partners, while offering to fully assume any antitrust risks. 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. 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.(Updates to add Friday share movement in 10th paragraph)\--With assistance from William Wilkes.To contact the reporters on this story: Aaron Kirchfeld in London at akirchfeld@bloomberg.net;Eyk Henning in Frankfurt at ehenning1@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.net;Jan-Henrik Förster in London at jforster20@bloomberg.netTo contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Amy ThomsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Thyssenkrupp Says Elevator Sale Is Imminent as Losses Mount
    Bloomberg

    Thyssenkrupp Says Elevator Sale Is Imminent as Losses Mount

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.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.Debt surged and losses deepened during the fiscal first quarter. 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.“The latest figures are not great,” Chief Executive Officer Martina Merz said. “We are convinced that we are on the right track. A decision on the elevator transaction is imminent.”Thyssenkrupp’s shares rose 1.1% by 9:59 a.m. in Frankfurt, rebounding from earlier losses and cutting the decline over the past year to 18%.Once an emblem of German industrial prowess, Thyssenkrupp is fighting for survival. The company has been bruised by a slowdown in Chinese and German manufacturing, rising pension costs and falling demand for European steel.It’s now entering the final stage of talks with suitors for its elevator unit, a division that’s still reaping rich profits. The supervisory board met on Wednesday to whittle the number of suitors down from four. A final decision on the buyer is expected later this month.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.Kone and co-bidder CVC Capital Partners have offered around 17 billion euros for the unit, Bloomberg News reported in January.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.Financial HighlightsAdjusted 1Q Ebit was 50 million euros, down from 217 million euros.EPS was a 60-cent loss versus 10-cent profit a year earlier.Net debt rose 52% to 7.1 billion euros in the three months ended December.In steel, adjusted Ebit was negative 164 million euros. The division was hit by rising iron ore prices and weak auto demand.Guidance for the year was maintained.(Updates shares in fourth paragraph)To contact the reporter on this story: William Wilkes in Frankfurt at wwilkes1@bloomberg.netTo contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Lynn Thomasson, Nicholas LarkinFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Thyssenkrupp net loss bigger than expected, but backs guidance
    MarketWatch

    Thyssenkrupp net loss bigger than expected, but backs guidance

    Thyssenkrupp AG on Thursday posted a wider loss than expected in the first quarter due to restructuring costs and economic headwinds, but it backed its guidance for the full fiscal year.

  • Kone Faces Uphill Battle to Buy Thyssenkrupp Elevators
    Bloomberg

    Kone Faces Uphill Battle to Buy Thyssenkrupp Elevators

    (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. The Thyssenkrupp Foundation, one of the company’s major shareholders, has similar concerns, the people said.The reluctance comes even after the Kone consortium handed in the highest offer for the elevator business in the latest round, bidding around 17 billion euros ($18.6 billion), Bloomberg News reported in January. 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.Thyssenkrupp aims to sign a deal by the end of the month, the people said. Any deal would add to the $15.6 billion of mergers and acquisitions involving German companies announced this year, according to data compiled by Bloomberg. 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.‘Skeptical’ UnionIG Metall, Thyssenkrupp’s powerful labor union, said it’s in talks with potential investors about their plans for the business, demanding safeguards for jobs and site locations.“We are skeptical about offers from strategic investors. A bid from Kone would take time to pass through the EU competition process, and Thyssenkrupp needs the money quickly,” IG Metall said in response to Bloomberg queries. “There is also the danger of higher job losses with the Kone bid due to potential synergies.”Getting support from labor representatives will be important due to their sway on Thyssenkrupp’s supervisory board. A representative for Kone said the company believes there’s room for consolidation in the elevator industry and is confident that there is a path to a successful outcome. Representatives for Blackstone, Brookfield, CVC, Thyssenkrupp and the Thyssenkrupp Foundation declined to comment, while Advent didn’t immediately respond to a request for comment.Kone plans to hand Thyssenkrupp’s elevator operations in Europe, where there’s the most overlap, over to CVC, people with knowledge of the matter have said. It’s also trying to outbid competitors by enough to outweigh fears of the deal being blocked.Manufacturing SlumpThe Kone consortium has offered to fully assume any antitrust risks and has promised a multibillion-euro upfront payment that Thyssenkrupp would keep even if the deal is blocked by competition authorities, Bloomberg News reported last month. Labor unions have traditionally been wary of private equity firms, who often cut jobs to boost returns as well as prepare a business for a sale or listing. The Kone-CVC consortium plans to invest in the growth of the European business and keep positions on the continent, the people said.Thyssenkrupp, once a symbol of German industrial prowess, is seeking to plug widening holes in its balance sheet as it fights for survival amid a German manufacturing slump. Chief Executive Officer Martina Merz told shareholders last month that the company is in an “extremely difficult situation” and has “no time to lose.”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, the people said. The German company’s aborted attempt to merge its steel business with Tata Steel Europe still haunts management, who thought European Union Competition Commissioner Margrethe Vestager unfairly torpedoed the plans.Kone’s private equity rivals include a consortium of Blackstone, Carlyle Group LP and Canada Pension Plan Investment Board, as well as another group backed by Advent, Cinven and the Abu Dhabi Investment Authority. Brookfield, which partnered with Temasek Holdings Pte, is also still in the running, Bloomberg News has reported.(Updates with Germany M&A volume in fourth paragraph)\--With assistance from Leo Laikola, Jan-Henrik Förster and Dinesh Nair.To contact the reporters on this story: Eyk Henning in Frankfurt at ehenning1@bloomberg.net;William Wilkes in Frankfurt at wwilkes1@bloomberg.net;Aaron Kirchfeld in London at akirchfeld@bloomberg.netTo contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, ;Kenneth Wong at kwong11@bloomberg.net, ;Daniel Hauck at dhauck1@bloomberg.net, Ben Scent, Helen RobertsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Ups and downs: the battle to buy Thyssenkrupp's elevator unit
    Reuters

    Ups and downs: the battle to buy Thyssenkrupp's elevator unit

    FRANKFURT/DUESSELDORF (Reuters) - Finland's Kone and private equity firms are battling to buy ThyssenKrupp's prized elevator division worth more than 15 billion euros ($16.6 billion), a deal which would be Europe's biggest private equity deal in 13 years. Thyssenkrupp says it will either list the business, sell either a stake or the business in its entirety as the company aims to cut 12.4 billion euros ($13.7 billion) in debt and pension liabilities. - Kone has submitted a 17 billion euro non-binding bid, including a roughly 3-billion break fee, beating three private equity consortia whose offers were between 15-16 billion.

  • Kone Makes Highest Offer for Thyssenkrupp Elevators
    Bloomberg

    Kone Makes Highest Offer for Thyssenkrupp Elevators

    (Bloomberg) -- Kone Oyj handed in the highest offer for Thyssenkrupp AG’s elevator business, as the Finnish company tries to outbid buyout firms by a wide enough margin to overcome antitrust concerns, people with knowledge of the matter said.Kone, which has teamed up with CVC Capital Partners, offered around 17 billion euros ($18.7 billion) this week, said the people, who asked not to be identified because discussions are private. Kone confirmed in a statement Tuesday that it made a non-binding bid for Thyssenkrupp’s elevator unit that’s “reasonably close to the value circulating in the media.”The Kone consortium’s goal has been to outbid its private equity rivals by at least 1 billion euros, the people said. Thyssenkrupp might push for even more from the bidder group, according the people.Kone has also given Thyssenkrupp the option of receiving all cash or a mix of cash and stock, the people said. It has offered to fully assume any antitrust risks and aims to address concerns by handing Thyssenkrupp’s elevator operations in Europe, where there is the most overlap, over to CVC, according to the people.The pair has also offered a multibillion-euro upfront payment that Thyssenkrupp would keep even if the deal is blocked by competition authorities, the people said. Shares of Thyssenkrupp jumped as much as 8% in Tuesday afternoon trading. They closed 5.3% higher, giving the company a market value of 7.3 billion euros.Difficult DecisionOnce a symbol of German engineering prowess, Thyssenkrupp is fighting for survival amid a deep manufacturing slump. The elevator business was one of the few bright spots when Thyssenkrupp released earnings in November, which showed shrinking margins in its steel business and a worsening cash and debt position.Kone’s bid for the Thyssenkrupp unit is based on certain assumptions, and the terms of any binding offer could vary from the current bid level, it said in Tuesday’s statement. The Finnish company sees the geographical footprint of the Thyssenkrupp business as “highly complementary” and envisions “substantial value creation” from cost savings as well as the potential for joint innovation, it said.Shares of Kone jumped 4.9% in Helsinki trading Tuesday. A representative for Thyssenkrupp declined to comment, while a representative for CVC couldn’t immediately comment.Thyssenkrupp now faces a difficult decision. The beleaguered German conglomerate is seeking to bring in as much money as possible to fund drastic restructuring measures and plug a large pension deficit. On the other hand, it also wants to avoid a long antitrust review after European regulators derailed a planned steel venture with Tata Steel Ltd. last year.While Kone can make the highest offer due to cost savings from a combination, buyout firms would avoid competition hurdles. Kone, the only remaining strategic bidder, is competing with three remaining groups of private-equity suitors.Its rivals include a consortium of Blackstone Group Inc., Carlyle Group LP and Canada Pension Plan Investment Board, as well as another group backed by Advent International, Cinven and the Abu Dhabi Investment Authority. Brookfield Asset Management Inc., which partnered with Temasek Holdings Pte, is also still in the running, Bloomberg News has reported.Job ConcessionsBids so far from those groups have been under 16 billion euros, the people said. In an attempt to win over Thyssenkrupp management and shareholders, the buyout firms have been touting the lack of antitrust risk as well as a willingness to allow the steelmaker to retain a significant minority stake in the elevator business.Some of the financial investors are also promising fewer job cuts -- and in some cases even job guarantees -- to win over influential unions, the people said.If one of the buyout groups prevails, a deal for the business could become the biggest private-equity acquisition in Europe in more than five years, according to data compiled by Bloomberg. The next round of binding offers is expected around mid-February, and bid amounts could still change, the people said.Thyssenkrupp is exploring a sale or initial public offering of the elevator operations, its most valuable unit, to raise cash to fund a turnaround. It’s leaning toward selling the business, though it is also still preparing for the possibility of a listing, the people said.(Updates with Kone statement from second paragraph)\--With assistance from William Wilkes, Dinesh Nair and Leo Laikola.To contact the reporters on this story: Aaron Kirchfeld in London at akirchfeld@bloomberg.net;Eyk Henning in Frankfurt at ehenning1@bloomberg.netTo contact the editors responsible for this story: Daniel Hauck at dhauck1@bloomberg.net, Ben Scent, Matthew MonksFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Such Is Life: How thyssenkrupp (ETR:TKA) Shareholders Saw Their Shares Drop 52%
    Simply Wall St.

    Such Is Life: How thyssenkrupp (ETR:TKA) Shareholders Saw Their Shares Drop 52%

    The truth is that if you invest for long enough, you're going to end up with some losing stocks. But long term...

  • Bombardier and ThyssenKrupp: A Tale of Two Industrial Calamities
    Bloomberg

    Bombardier and ThyssenKrupp: A Tale of Two Industrial Calamities

    (Bloomberg Opinion) -- Canadian transportation champion Bombardier Inc. is running out of road. Its shares lost more than one-third of their already much diminished value last week after another disastrous profit warning.The trains and private jet manufacturer may be forced to exit its commercial aerospace joint venture with Airbus SE because of a shortage of cash; a writedown looms when the group reports 2019 results next month. In the meantime, it’s looking at ways to accelerate repayment of its $10 billion debt pile, which suggests a breakup might be on the cards. Bombardier has held talks about a combination of its rail businesses with French rival Alstom SA, Bloomberg reported on Tuesday, adding that this is one of several options being considered.On the other side of the Atlantic another storied industrial conglomerate, ThyssenKrupp AG, is suffering a comparable crisis. The German steel and car-parts maker has put its prized elevator division up for sale to help with its massive debt and pension liabilities.When their respective restructurings are completed, these vast and politically important employers will be shadows of their former selves. ThyssenKrupp has already been booted from Germany’s benchmark Dax index, while Bombardier’s on the cusp of becoming a penny stock (again).So how did they get into such a mess and why haven’t they managed to extricate themselves, despite years of restructuring and several false dawns? In both cases, hubris, shoddy governance and poor project management have played a role in their downfall.   The fate of the two companies was sealed around a decade ago when they bet the farm on high-risk growth strategies — and lost. Bombardier signed off on the C-Series, an ambitious attempt to break Airbus and Boeing Co.’s lock on the commercial aerospace market. The small, fuel-efficient jet won rave reviews but orders were disappointing and delays caused costs to balloon to about $6 billion and debt to pile up. Bombardier made things worse by trying to bring several new business jets to market at the same time. Weak sales forced it to abandon development of the Learjet 85 — resulting in a $2.5 billion writedown — and to cede control of the C-Series to Airbus for the humiliating sum of one Canadian dollar.ThyssenKrupp’s original sin was sinking about 12 billion euros ($13.3 billion) into a pair of steel plants in Brazil and the U.S. to try to keep pace with the acquisitive ArcelorMittal SA. Poor construction work and a faulty business plan led to massive losses from which ThyssenKrupp has never really recovered.Woeful governance had a hand in both corporate disasters. Bombardier has a dual-share structure that gives the founding Bombardier-Beaudoin families majority voting control even though they own a much smaller fraction of the share capital. Pierre Beaudoin served as chief executive officer from 2008 until 2015 — during which time his father, Laurent, remained chairman — but he didn’t do a very good job. Pierre is now the chairman.ThyssenKrupp’s anchor shareholder, the Krupp Foundation, presided over a management culture that prized fealty and the preservation of corporate perks, including the company’s hunting grounds, but failed to prevent compliance breaches. Recent boardroom fireworks at the German giant (two chief executives and a chairman have departed in quick succession) suggest it remains dysfunctional.In their attempt to stop the rot, ThyssenKrupp and Bombardier have followed a similar script. Scrap the dividend, sell underperforming assets, slash thousands of jobs and cut costs. But the cash flow needed to cut debt has never consistently materialized and things have got worse.In 2019 ThyssenKrupp burned through 1.1 billion euros of cash and it expects to consume even more in 2020, risking a breach of banking covenants. Bombardier burned about $1.2 billion in cash last year, far in excess of the roughly break-even target it set at the start of the year.A problem for both companies has been estimating the cost and completion date of large projects. It’s one reason why ThyssenKrupp’s industrial plant construction unit — once a decent source of cash flow from large customer prepayments — has become a bottomless money pit (the unit is now up for sale). At Bombardier, several high-profile train projects have run late and over budget. Bombardier must pay penalties for late delivery.Judging by their balance sheets, both companies appear to be in trouble. ThyssenKrupp has just 2.2 billion euros in net assets, while Bombardier’s liabilities far exceed its reported assets.However, unlike Bombardier’s, ThyssenKrupp’s bonds still trade well above par and its 7.4 billion euros market capitalization is almost four times that of the Canadian company. That’s because ThyssenKrupp still has something of value to sell: The elevators unit could fetch more than 15 billion euros if management decides to part with all of it (the sale process is ongoing and ThyssenKrupp might opt to keep a majority stake).Bombardier doesn’t face an immediate cash crunch thanks to the proceeds of recent asset sales and no big debt maturities this year. But having already offloaded its ageing Q400 turboprop aircraft line and its Belfast wing factory, it’s not exactly overburdened with stuff to sell to meet future liabilities.Neither of Bombardier’s two remaining core divisions, trains and private jets, is worth as much as ThyssenKrupp’s elevators. In 2015 Bombardier sold a 30% stake in its rail division to the Quebec public pension fund, valuing the whole unit at $5 billion. The business aviation division would probably fetch more.For both businesses, the difficulty with flogging more silverware is that what’s left over probably won’t generate much profit.The moral of these twin corporate calamities is simple: If tens of thousands of people depend on you for employment, don’t bite off more than you can chew. And make sure the higher-ups know what’s going on.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    Thyssen shortlists 3 private equity consortia in elevator sale -sources

    Thyssenkrupp has shortlisted three private equity consortia in the auction of its prized 15 billion euro ($16.62 billion) elevator business, people close to the matter said, adding that peer Kone could still submit a bid later this month. A consortium of buyout groups Advent and Cinven, which are working with Germany's RAG Stiftung remain in the running as does a bidding team led by Carlyle and Blackstone, and a third group led by Brookfield, the people said. Kone, which is working with private equity firm CVC, has been given time until January 27 to submit an offer, the sources said.

  • Thyssenkrupp in talks with Tesla about German factory: Handelsblatt
    Reuters

    Thyssenkrupp in talks with Tesla about German factory: Handelsblatt

    Thyssenkrupp is hoping to win contracts for a planned factory Tesla plans to build near Berlin, a board member of the German conglomerate told a business daily. "We are in talks over carrying out certain services," Klaus Keysberg, board member in charge of steel and materials services at Thyssenkrupp, told Handelsblatt, declining to be more specific. Thyssenkrupp makes everything from elevators and submarines to car parts, steel and fertilizers plants.