BERLIN, March 31 (Reuters) - German lift maker TK Elevator said on Tuesday that no decision has been taken yet on its future course, with an initial public offering (IPO) remaining one of the
TK Elevator Considers IPO as Reports Emerge of Merger Talks with Kone
Strategic Options and Industry Implications for TK Elevator
Current Status of TK Elevator's Strategic Decisions
BERLIN, March 31 (Reuters) - German lift maker TK Elevator said on Tuesday that no decision has been taken yet on its future course, with an initial public offering (IPO) remaining one of the strategic options.
Merger Talks with Kone
Bloomberg News reported this month that Finland's Kone was in talks to buy TK Elevator, citing sources familiar with the matter.
Potential Impact of a Merger
A merger between the two companies would create the world's largest lift maker, jumping ahead of current number one OTIS and second-largest Schindler.
Ownership and IPO Plans
Advent International and Cinven - the owners of TK Elevator - have been working on a planned IPO.
Market Volatility and Sale Considerations
However, recent volatility in equity markets has made a sale more appealing, according to the Bloomberg report.
Industry Reactions and Antitrust Concerns
The head of Swiss lift maker Schindler said last week that it would challenge any merger deal between rivals Kone and TK Elevator before antitrust authorities.
Background: TK Elevator's Ownership History
In 2020, Thyssenkrupp sold its elevator technology business - later renamed TK Elevator - for 17.2 billion euros to a consortium of bidders led by private equity firms Advent, Cinven and Germany's RAG foundation.
(Reporting by Andres Gonzales; Writing by Miranda Murray; Editing by Sonali Paul, Kirsten Donovan)
