Welcome to the Elevator World News Podcast. Today’s podcast news podcast is sponsored by elevatorbooks.com: www.elevatorbooks.com
BROOKFIELD, TEMASEK TEAM UP FOR THYSSENKRUPP BID
Toronto-based Brookfield Asset Management and Singapore state investor Temasek Holdings are planning to put in a bid for thyssenkrupp’s prized EUR15-billion (US$16.6-billion) elevator division, several news outlets, including Reuters, reported on January 10. thyssenkrupp has been under pressure from shareholders after numerous profit warnings. It plans to sell all or part of its elevator business, the world’s fourth-largest industry player and by far thyssenkrupp’s most profitable asset. It set a January 13 deadline for binding bids. The Brookfield-Temasek team is the latest bidder to become publicly known. Others include a consortium consisting of Blackstone, Carlyle and the Canadian Pension Plan Investment Board, and another composed of Advent, Cinven and the Abu Dhabi Investment Authority. Other OEMs said to be in the race are KONE, which may team with private equity firm CVC, and Hitachi Elevator. thyssenkrupp’s board planned to meet on January 15 to discuss the sale and was expected to narrow the field of bidders for a final round of talks.
Image credit: by Lutz Marl for flickr
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