March 20, 2020 / 6:04 PM / 10 days ago

Thyssenkrupp CEO: Elevator sale on track despite coronavirus crisis

FILE PHOTO: German steelmaker Thyssenkrupp AG CEO Martina Merz speaks during the annual shareholders meeting in Bochum, Germany, January 31, 2020. REUTERS/Wolfgang Rattay

DUESSELDORF, Germany/FRANKFURT (Reuters) - The 17.2 billion euro ($18.4 billion) sale of Thyssenkrupp’s (TKAG.DE) prized elevator unit to a consortium led by Advent and Cinven [CINV.UL] is not under threat from the coronavirus crisis, the conglomerate’s CEO said in an internal staff letter.

“To be absolutely clear: the transaction is not in doubt. The buyers do not have the right to withdraw,” Martina Merz said in the letter that was seen by Reuters.

“The financing of the transaction stands on the buyers’ side and is secured contractually by the participating equity providers and lenders.”

Reporting by Tom Kaeckenhoff and Christoph Steitz

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