Kone withdraws from thyssenkrupp elevator acquisition discussions

Finnish elevator manufacturer Kone has decided to withdraw from discussions with thyssenkrupp to acquire their Elevator Technology business. 

In a statement, the company said: "Kone continues to believe that a combination of its business with thyssenkrupp Elevator Technology business would have been strategically compelling. However, any acquisition Kone would pursue would need to come with terms and conditions that are in the best interest of its shareholders, employees and customers."

The decision comes shortly after a board member and former CEO of Swiss elevator firm Schindler said that any move to merge Kone and thyssenkrupp's lift division would result in a full-scale antitrust battle in the courts.

If the merger had gone ahead, it would have created the world's largest elevator manufacturer ahead of Otis and Schindler, causing concern over competition.

“You can safely assume that neither Otis nor Schindler will simply accept being driven out,” said Alfred Schindler, suggesting that not only would the merged giant be battling his company in the courts, but Otis too.

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