September 13, 2019 / 12:42 PM / 5 months ago

Kone open to co-shareholding with Thyssenkrupp in elevator deal - Bloomberg

FILE PHOTO: An elevator exchanger is pictured inside Thyssenkrupp's elevator test tower in Rottweil, Germany, September 25, 2017. 2017. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) - Finland’s Kone (KNEBV.HE) is open to a co-shareholding structure in a potential deal to merge with Thyssenkrupp’s (TKAG.DE) elevator division, its chief executive told Bloomberg News.

“Clearly, we would welcome Thyssenkrupp as an owner in this new entity and that way share the long-term benefits with us,” Henrik Ehrnrooth told the agency in an interview.

Kone could bid for Thyssenkrupp’s elevator division - which the ailing conglomerate has put up for sale - through a mix of cash and shares, which might give Thyssenkrupp a minority stake in the merged entity, people close to the deal have said.

Kone is the world’s third-largest maker of elevators behind U.S.-based Otis (UTX.N) and Switzerland’s Schindler (SCHP.S). Thyssenkrupp Elevator Technology, which some analysts say could be worth as much as 17 billion euros (£15.15 billion), ranks fourth.

Reporting by Christoph Steitz; Editing by Michelle Martin

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