January 16, 2020 / 12:43 PM / 4 days ago

RAG to pay less than $1.1 billion in Thyssenkrupp elevator bid: sources

FILE PHOTO: The logo of German steelmaker ThyssenKrupp AG is seen at the gate to Haus Rheinberg, a villa used for seminars in the valley of the small stream Wisper that confluents with the Europe's largest waterway Rhine near Lorch, Germany, September 15, 2019. REUTERS/Wolfgang Rattay

DUESSELDORF, Germany (Reuters) - The RAG Stiftung will likely pay less than 1 billion euros ($1.1 billion) as part of a consortium it has joined to bid for the elevator division of Thyssenkrupp (TKAG.DE), two people familiar with the matter said.

This will give RAG, a foundation tasked with bearing the costs for the country’s exit from hard coal mining, a minor role in the consortium led by private equity firms Advent and Cinven [CINV.UL], the people said.

A RAG spokeswoman declined to comment.

Reporting by Tom Kaeckenhoff and Matthias Inverardi; Writing by Christoph Steitz; Editing by Riham Alkousaa

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